Utilico Investments, a UK investor managed by Infratil director Duncan Saville's ICM, has bought a 7.1 per cent stake in campervan rental operator Tourism Holdings.
Utilico emerged as a substantial shareholder after buying 7 million shares on market, according to a notice to the NZX. The shares traded at 63 cents yesterday, valuing the stake at $4.4 million.
Tourism Holdings was in play last year when Switzerland-based investor John Grace made a tilt at control, though his 67.5 cents a share offer failed to win over investors, falling below the independent stock valuation of the company at between 97 cents and $1.27.
The campervan company returned to profit in the second half of last year, with bottom-line earnings of $4.2 million on increased demand from the Rugby World Cup and a strong performance from its US business.
Saville is a director of Utilico's investment manager ICM, and also sits on the board of Infratil and HRL Morrison and Co. More recently, his Australian non-bank lender Resimac bought a majority stake in local financial services firm NZF Group's securitisation operations.
