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Local investors have stepped in to save part of the colorful and prominent motorhome company Jucy.
Archive image.
Photo: RNZ / Alexander Robertson
Polar Capital, Colin Neal’s investment company, is buying the motorhome and car rental operations in New Zealand and Australia, with a minority stake held by another local David Cushing.
No pricing has been disclosed.
“Jucy is an iconic brand and while Covid’s impact has been devastating at JGL, we are very excited about the acquisition and are pleased to be able to help secure the future of Jucy Rentals and retain the jobs of 150 Jucy members. Neal said.
Jucy’s lodging, sea cruises, and US operations are not part of the deal.
Jucy was severely affected by the Covid-19-related border closures and shut down most operations during the closures. Various parts of the group received a total of approximately $ 3.2 million from the wage subsidy plan.
The companies being bought have been put into suspension of payments, with Caliber Partners in charge.
“The business will continue to operate under its new ownership and the buyer has agreed to honor the reserved vacations or credits held with Jucy Rentals,” said Neale Jackson of Caliber.
Jucy’s bright green decorated pickup trucks have been on the nation’s roads for nearly 20 years.
Its founders, brothers Dan and Tim Alpe, said the pandemic had a devastating effect and, despite cost cutting and much of the business hibernating, it was clear that the company needed additional capital.
“We have always believed that the Jucy brand is an integral part of the tourism landscape in New Zealand and Australia, and this new entity provided the best opportunity for the Jucy brand to recover from the impact of Covid-19 and move forward.”
Almost a hundred of his stored vans were stolen from an Auckland yard in April, although most were recovered.
Neal’s Polar Capital recently bought the retail chain Smiths City out of bankruptcy.
