Latest news with #THL
NZ Herald
03-08-2025
- Business
- NZ Herald
Tourism Holdings rejects $2.30 per share takeover bid as undervalued
'The board acknowledges that its view on valuation is materially above the last trading price for THL prior to receipt of the BGH proposal,' the company said. 'The board also accepts that there is an inherent risk in execution of THL's growth roadmap and global economic factors which may affect THL's future outlook.' THL's board said that the current proposal was 'well below' a level it could engage with based on the value of currently underperforming parts of the group, even allowing for significant downsides. It rejected the consortium's offer, but said it remained open to engagement with the group or other potential bidders if a significantly improved offer is provided. BGH has acquired a relevant interest in 19.99% or 44,197,503 of THL's shares. THL also provided an update on its 2025 full-year underlying net profit, which it said would remain in line with its announcement from July 4, with net profit expected to come in at the lower end of the analyst range of $27.0 million to $34.4m. In its interim six-month result to December 31, 2024, the firm reported a statutory net profit after tax (npat) of $25.3m, down 36% or $13.2m on the prior corresponding period. However, total sales grew, with revenue increasing to $458.3m in 1H25, up from $449.1m in 1H24. Growth roadmap With the rejection of the consortium's offer, THL released a presentation detailing what it believes will help drive growth over the coming years. THL chair Cathy Quinn said the recent developments within the company's planning process, and the assessment of the offer, made it the right time to present THL's roadmap. 'The board is unanimous in its belief that THL has now passed an inflection point in terms of performance and, over the next few years, expects rental revenue to grow significantly, debt to reduce significantly, and its near-term cost reduction plan to be successfully implemented,' Quinn said. The presentation outlined a number of initiatives that THL has been working on, including a strategic review of the UK and Ireland division, and the acceleration of THL's North American synergy project. THL is taking steps to address a gap between its manufacturing costs in New Zealand and Australia, where on certain models THL manufactures for 20% less in New Zealand after allowing for shipping costs to Australia. The company also planned to reduce capital employed and improve profitability in the Australian retail sales division through overhead and inventory reduction and a rationalisation of products and brands. THL said the growth drivers and strategic initiatives position the company to achieve its goal of $100m in net profit after tax over the next three to four years. However, the company has made a number of key assumptions to achieving that goal, including its fleet reaching 9000 vehicles by June 2028, and debt reduction of over $100m. THL also outlined some key risks to achieving the goal, including tariffs, an extended economic downturn, and technology risks because of the business' reliance on internal combustion engines. The company intends to release its financial results and annual report for the 12 months ending June 30, 2025 on August 25. Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
The Star
14-07-2025
- Climate
- The Star
Heatwave hits Finland, Sweden, triggers health warnings
HELSINKI, July 14 (Xinhua) -- A heatwave sweeping across Europe has pushed temperatures above 20 degrees Celsius in Finland and Sweden, with some areas exceeding 30 degrees, prompting health and safety warnings. As of early Monday evening, the Finnish Meteorological Institute (FMI) issued yellow-level alerts for "potentially dangerous temperatures" across most of Finland. Sweden issued similar warnings, particularly in the north. Heat alert thresholds differ by country. In Finland, warnings are triggered when highs reach 27 degrees or daily averages exceed 20 degrees. In Sweden, yellow alerts are issued if temperatures are forecast to exceed 30 degrees for four consecutive days. On Monday, Finland experienced widespread hot and sunny weather, with temperatures exceeding 30 degrees in many areas including the capital region, according to the FMI. The heat follows a cooler, wetter start to summer. A national high of 31.5 degrees this summer, recorded Sunday in southwestern Finland's Kaskinen, was surpassed on Monday, when the FMI reported 31.6 degrees -- again in the city. "This week is shaping up to be the hottest of the summer so far," FMI meteorologist Jani Sorsa told Finnish News Agency STT on Monday. In response to the heat, Finland's Institute for Health and Welfare (THL) issued health warnings urging people -- especially those over 75 -- to stay hydrated, avoid direct sunlight, and reduce physical exertion. Swedish Meteorological and Hydrological Institute (SMHI) forecast highs of 26-33 degrees in parts of the country, warning residents to watch for signs of overheating and dehydration in themselves and others. Swedish Television meteorologist Nils Holmqvist warned that up to 600 heat-related deaths could occur under the current conditions. In Finland, THL specialist Virpi Kollanus said heat-related deaths have risen since 2000, reversing a downward trend seen since the 1970s. "The earlier decline likely resulted from better living standards and improved public health," she told broadcaster Yle. "Now, heatwaves are more frequent and the population is aging." The FMI noted that prolonged heat remains rare in Finland. Two-week heatwaves occur roughly once a decade. Since 1961, six three-week periods have been recorded, most recently in 2021.
IOL News
03-07-2025
- Business
- IOL News
Tongaat Hulett's sugar mills lead South Africa in recovery performance
Sugar cane on its way to be processed at Tongaat Hulett's Maidstone Mill. Tongaat's three South African sugar mills, Maidstone, Amatikulu and Felixton have benefited from substantial capital investment over the past three years, following years of disinvestment. Image: Karen Sandison/Independent Newspapers Tongaat Hulett's (THL) three South African sugar mills, Maidstone, Amatikulu and Felixton, which benefited from capital investment since the group went into business rescue, have ranked as the top three nationally for sugar recovery in the current sugar milling season. The recognition indicates the scale of THL's operational turnaround since entering business rescue in October 2022 - the group said in a statement Thursday its mills were now not only stable, but leading performance across the broader South African sugar sector. Tongaat Hulett CEO Gavin Dalgleish, together with the Business Rescue Practitioners (BRPs), recently met with grower representatives in a series of engagements. These meetings focused on sharing updates about the company's progress under business rescue, as well as the improvements seen across its milling and refining operations. The group's three mills, refinery and animal feed plant, which had previously suffered years of under-investment, benefited from a R1.45 billion capital injection over the past three years, secured through the Industrial Development Corporation (IDC). 'The result is a marked improvement in operational performance, with cane being crushed much more efficiently and reliably than before and a renewed sense of confidence among growers, staff, and industry partners,' Dalgleish said. The capital upgrades were accompanied by the recruitment of key technical staff and an investment in training and development of employees. 'The investments made were not just in machinery, but also in our people – and the results are clear. Our teams are now less focused on reactive maintenance and more focused on performance improvement. It's this shift in mindset that's powering real, sustainable change,' said Dalgleish. He said these efforts had translated into year-on-year improvements in key production and efficiency metrics for the current milling season. According to independent industry benchmarking, THL's performance in these metrics had placed its mills among the top in the country – exceeding the industry benchmark standards by a greater margin than anyone else, said Dalgleish. The benchmark standards include the recoverable value metric, which measures the value of molasses and sugar recovered from the sugarcane delivered by an individual grower, as well as the crystal recovery efficiency metric, which measures the percentage of sucrose extracted from the cane that is successfully crystallised into marketable sugar. During the meetings, it became clear that growers placed strong value on consistent, high-efficiency milling, and a reliable mill was worth more to them than any other short-term price incentives. 'Any grower would have noticed that the Maidstone mill is certainly performing better than it has in the past decade,' said Pratish Sharma, Senior Maidstone Grower and local SA Canegrowers representative. 'The investments in the mills give us great confidence that we're going to have a mill capable of crushing our crop. That is crucial, because a high-performing mill gives growers the confidence to invest in and expand their own farms,' said Sharma.
Business Wire
23-06-2025
- Business
- Business Wire
CARET Welcomes Jay Kuhlman as Chief Executive Officer
SAN DIEGO--(BUSINESS WIRE)--CARET, the leading provider of SaaS practice management and integrated payment technology for midsize law firms, announced today the appointment of Jay Kuhlman as Chief Executive Officer. Kuhlman brings over 25 years of leadership experience across technology and growth-stage businesses with a proven track record of scaling operations, driving long-term growth, and fostering high-performing teams. His deep expertise in go-to-market strategy and product innovation with vertical SaaS all-in-one platforms positions him well to guide CARET through its next phase of growth. Kuhlman succeeds interim CEO, Mark Schatz, who will remain on the company's Board of Directors. Prior to joining CARET, Jay served as CEO at Gravyty and held executive roles at Fullsteam and EverCommerce, where he partnered closely with teams to expand market presence and create sustained value. His leadership philosophy, shaped by his early service in the United States Marine Corps, emphasizes teamwork, discipline, and accountability—values that align closely with CARET's culture. 'Jay's appointment marks an exciting new chapter for CARET,' said Mark Bean, Managing Director at THL and CARET board member. 'His strategic vision, operational expertise, and commitment to a strong company culture make him the ideal leader to take CARET forward.' Kuhlman shared his enthusiasm for the role: 'I'm honored to join CARET at such a pivotal time. I look forward to partnering with our talented team to build on the company's strong foundation, continue delivering exceptional value to our clients, and lead CARET into its next era of innovation and growth in serving the needs of midsize law firms.' About CARET CARET provides leading practice management and fintech platforms to thousands of legal firms across the world, empowering highly skilled professionals to refocus their expertise on what truly matters. CARET serves more midmarket law firms than any other provider through its portfolio of practice management platforms including AbacusLaw, Amicus Attorney, Amicus Cloud, and CARET Legal. CARET Legal, the company's award-winning SaaS platform, combines the power of automated legal workflows, robust matter management, insightful dashboards, seamless client communication tools, full legal accounting, integrated payment processing and more to enhance the business of law. To learn more, visit About THL THL Partners ( is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: Healthcare, Financial Technology & Services, and Technology & Business Solutions. THL couples deep sector expertise through an Identified Sector Opportunity ('ISO') process with dedicated internal operating resources from its Strategic Resource Group ('SRG') to transform and build great companies of lasting value in partnership with management. The Firm's domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $35 billion of equity capital, invested in over 170 companies and completed more than 600 add-on acquisitions representing an aggregate enterprise value at acquisition of over $250 billion.
AU Financial Review
16-06-2025
- Business
- AU Financial Review
Campervan group THL gets $471m bid from private equity-led consortium
Private equity group BGH Capital and Queensland brothers Luke and Karl Trouchet have made a $471 million buyout offer for struggling campervan rentals business Tourism Holdings Ltd. THL, which is dual-listed on the New Zealand and Australian stock exchanges, has a fleet of 7200 rental campervans under brands including Britz, Maui and Apollo and a substantial business selling the vehicles.
