Thor Industries announces formation of 50/50 JV with Tourism Holdings
Thor Industries announced in a joint news release the formation of a 50/50 joint venture with Tourism Holdings, Ltd, an RV rental and sales operator. The joint venture, called TH2, is committed to bringing the full benefit of digital connectivity and the sharing economy to RV owners around the world. TH2 further announced that it has entered various agreements to acquire the following assets: "Roadtrippers, a leader in road trip planning; Roadtrippers Australasia, a provider of tourism and navigation services in Australia and New Zealand; Cosmos, a digital platform for RV customer relationship and fleet management, product pricing, and booking and rental management; Mighway, a leader in peer-to-peer RV rentals with operations in both New Zealand and the United States; and CamperMate, Australia and New Zealand's top camping App." Thor's initial investment in TH2 is expected to be approximately $50M. The transaction is subject to usual and customary closing conditions, and TH2 anticipates completion by the end of February 2018. Thor will reflect this joint venture using the equity method of accounting, beginning in the third quarter of fiscal year 2018. The results of this transaction are expected to have a minimal impact upon Thor's fiscal year 2018 earnings.