Apollo Tourism, headed by Brisbane brothers Luke and Karl Trouchet, has struck a binding agreement for the purchase of Fleetwood RV, Coromal and Windsor from Australia-based Fleetwood Corp. which has been bleeding red ink from its RV business.
Business News Australia reported that Fleetwood indicated in May that its losses could run as high as $7 million for the current half year.
Managing Director Brad Denison says while the group has done “a tremendous job of reinvigorating the Coromal and Windsor product range over the last three years,” the sale to Apollo is the best outcome for shareholders.
“The board sees the future of the business as being better served by being part of Apollo’s wider tourism and leisure platform,” he says.
Luke Trouchet, Apollo’s managing director, said the deal further consolidates the national caravan industry and builds on the company’s strategy of expanding its retail distribution footprint.
For the full story click here.