AGOURA HILLS, Calif. — Road Bear RV Rentals today announced it has entered into an agreement to sell the business to Tourism Holdings Limited.
THL is a New Zealand-based tourism company and the largest provider of holiday RVs in New Zealand and Australia, under the Maui, Britz, Backpacker and Explore More brands. It also operates Kiwi Experience and the Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.
For Road Bear, the acquisition enables the business to become part of an international group with an operating platform and resources that will enhance its business profile. For THL, Road Bear provides an ideal opportunity to establish a beachhead in the United States, based on an operation that is profitable, is a good fit with its existing business and has strong potential for expansion in the largest RV market in the world, said owner Daniel Schneider.
The acquisition is expected to be completed by Dec. 31 and will be fully debt-funded. Schneider and co-owner Horst Hagner, will remain with the company as employees after the completion of the purchase by THL for an agreed period. Daniel will remain as CEO and president of the business for the medium term while Horst will transition from the business throughout 2011.
Road Bear currently operates a fleet of between 350 and 450 rental vehicles from five branches located in tourism gateways such as Los Angeles, San Francisco, Denver, Las Vegas and New York. It has been in business since 1980 and under its current ownership for ten years.
For more information, visit www.roadbearrv.com.
SOURCE: Road Bear press release