28 October 2021
28 October 2021, Comments Comments Off on Camplify expands with acquisition of Mighway and SHAREaCAMPER
Camplify expands with acquisition of Mighway and SHAREaCAMPER

On the 25th October 2021, Camplify, the international peer-to-peer recreation vehicle (RV) sharing platform, announced a strategic expansion with up to $7.37m AUD paid in shares in an agreement to purchase the New Zealand and Australian business and assets of Mighway and SHAREaCAMPER from Tourism Holdings (THL).

The transaction is expected to complete on the 30th of November based on achievement of condition precedents including; confirmation of the migration of insurance contract from Mighway to Camplify; The price per share will be calculated on the 20 day VWAP of the CHL share trading price; The shares will be paid in 2 equal tranches of $3.685m AUD, the first on completion, and second in 12 months time, after the completion period for provided warranties. If at time of final tranche payment, the 60 day VWAP of CHL is below the 1st tranche share issue price at completion, an adjustment will be made. The shares will be subject to an escrow period of 18 months from completion date.

The agreement restricts THL from directly operating a peer to peer RV sharing marketplace in Australia or New Zealand for a period of five years

Combined results for Mighway and SHAREaCAMPER over the past three years have been heavily Covid-19 impacted due to lack of international tourism in the New Zealand market.

Camplify will consolidate the platform, brands and operation of Mighway, and SHAREaCAMPER into the Camplify core operations, while seeking synergies in this consolidation.

This acquisition positions Camplify as the largest peer-to-peer marketplace operator in New Zealand by adding an additional over 900 RVs to its Camplify platform.

Both Mighway and SHAREaCAMPER have been operating in New Zealand for more than four years and have established themselves in the number 1 and number 2 market positions from a fleet and transaction perspective. This acquisition now positions Camplify as the leading operator in New Zealand.

This acquisition also begins a strategic relationship between Tourism Holdings and Camplify. The two companies will work together on servicing more customers and growing the Camplify brand in Australia and New Zealand. As part of this relationship moving forward, THL, through RV Supercentre, will provide management of Camplify RV owners vehicles in New Zealand and in Australia. This relationship will extend to marketing Camplify’s sharing platform to owners of vehicles who utilise services of THL, and to listing of fleet on each parties platform.

Camplify CEO and Founder Justin Hales commented: “This acquisition delivers Camplify a strategic and targeted growth opportunity in two of our key markets. It solidifies our owner and consumer base for future growth, and establishes a relationship between RV-industry leaders that will leverage cross-promotional marketing benefits, and deliver value-added services to van-owners in New Zealand and Australia.“

“The timing is ideal. Our New Zealand growth performance has already been strong, and with the expected return of unrestricted Australia and New Zealand travel, our New Zealand-based RV owners are excited about welcoming back Aussies in 2022.”

“We welcome Mighway and SHAREaCAMPER owners, travellers and team members to the global Camplify community. We are looking forward to delivering our owners, fleet managers and small-business van-operators new rental revenue opportunities. Our message to all van owners is simple – join Camplify and put your van to work.”

Tourism Holdings CEO Grant Webster commented: “This transaction enables THL to retain a presence in the peer-to-peer space in New Zealand through Camplify and benefit from the scale Camplify has created in Australia. We look forward to assisting Camplify’s continued growth in their New Zealand and Australian operations as they build on the success of Mighway and SHAREaCAMPER to date.”