May 29, 2026 – 11.06amPrivate equity group BGH Capital has lifted its takeover bid for Tourism Holdings Limited by almost 35 per cent as the campervan rentals operator downgraded its full-year profit forecast, blaming the higher cost of fuel for crimping demand from grey nomads and backpackers.Brothers Luke and Karl Trouchet, who are part of the Queensland family that founded the Apollo campervan business in the 1980s, are part of the BGH consortium that made the new bid after sitting on the sidelines for nearly a year after their first buyout offer last June was rejected.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
BGH accelerates bid for campervan firm as grey nomads slow
THL, the dual-listed group with a fleet of 8000 rental vehicles under the Britz, Maui and Apollo brands, downgraded profits as BGH returned with a higher offer.
TL;DRAI
BGH Capital raised its Tourism Holdings bid by ~35% after THL cut its profit forecast due to rising fuel costs. Classic distressed M&A: profit warning lowered seller resistance; Apollo founders inside BGH add operational credibility to the turnaround thesis.
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