Tourism Holdings has come out the winner after Hertz's Australasian rationalisation, picking up 230 of Hertz's former campervan fleet in Australia.
Tourism Holdings' managing director Dennis Pickup said the deal was a "perfect bolt on" to their business interests in Australia, which include 10 campervan locations and backpacker transporters Oz Experiences.
The final transfer of the 230-strong fleet would take effect on August 1.
Mr Pickup said Tourism Holdings had not paid for the fleet but had taken on Hertz's forward bookings. It had not taken on any staff, property commitments, or good will.
The deal would come out "cash positive" for Tourism Holdings because of revenue generated by forward bookings and a planned selloff of up to 50 percent of the old Hertz fleet during the next year.
The transferred fleet would operate under Tourism Holdings' brands of Britz, Maui and Backpacker Campervans.
The move was a "consolidation and rationalisation" of the highly competitive Australian market, which Tourism Holdings believed would increase yields, Mr Pickup said.
In New Zealand, it runs motorhomes, car rentals and coach businesses, and attractions including Kelly Tarlton's Underwater World, Waitomo Caves and Kiwi Experience.
- NZPA
Tourism Holdings acquires Hertz campervan fleet
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