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Kempen European Private Equity Fund invests in Norwegian campervan dealer Tellus

The Kempen European Private Equity Fund, the private equity investment fund of Kempen Capital Management (Kempen), has acquired a direct interest in a new entity by the name of Tellus Group (Tellus) that was formed as a result of the merger of five regional campervan dealers in Norway. 

Tellus was formed by the merger of five Norwegian campervan dealers with a total of ten locations. The new group employs 120 people. The ten locations are state-of-the-art motorhome dealerships, located strategically across Norway. Tellus currently offers two-thirds of all large campervan brands, focusing primarily on the sales of new and used or pre-owned camper vans. Other activities include the sales of caravans and offering maintenance services.
Sven Smeets, Managing Director of Kempen Private Markets, says: ‘The ten locations were brought in by the five current founders/managers who are seeking to pool their resources in the Norwegian campervan and caravan market. Tellus is active in selling both new and previously owned vehicles. The newly formed group will be able to achieve significant benefits of scale, including greater purchasing power of campervans and caravans from manufacturers, more efficient stock management, better financing conditions, and centralisation of support functions.’
The participation of the Kempen European Private Equity Fund is a co-investment with the Norwegian investment company Credo Partners and the current founders/managers, so that the interests of the various investors are given equal treatment.
Bram Bikker, Director of Kempen Private Markets, adds: ‘Together with Credo Partners and the management team, we share the ambition to drive further growth for Tellus in this fragmented market through additional takeovers in Norway and the rest of Scandinavia. In addition, we aim for expansion of the service activities such as repairs, maintenance, rentals, and winter storage accommodation. Tellus is able to anticipate the growing demand for outdoor holidays as well as the growing number of active senior citizens. We have great trust in the management team, who will continue to build on the success of this company. We are excited about this latest investment of our private equity fund.”
The announcement marks the fourth participation of the fund in 2021, having earlier completed one deal in the United Kingdom and two deals in France. This participation is the tenth direct participation of the Kempen European Private Equity Fund and the first in Norway.

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