How our partnership began

Tellus was founded in 2021 when nine experienced recreational vehicle retailers and service providers joined forces to create a superior offering in Norway with the aim of consolidating the motorhome and caravan industry. The overarching goal for Tellus was to build “one Tellus everywhere”, enhancing the ultimate voyage for all customers and business partners.

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The transformation

At the time of the investment, the market had experienced several years of stable demand, making it a favourable moment to create Northern Europe’s largest motorhome and caravan dealership. Significant resources were invested to secure the company’s leading position and future growth, including professionalising the aftermarket, establishing a group function, and implementing unified systems across the chain.

Unfortunately, the conditions in the motorhome and caravan market developed dramatically negatively after the investment. In the two years from 2022 to 2024, new registrations of motorhomes and caravans more than halved from historic levels due to rising interest rates, a weak Norwegian krone, and geopolitical instability.

In response, the company launched a comprehensive turnaround program in 2023, including a change in leadership and strategic cost-cutting measures, with plans to complete these adjustments by the end of 2024. Financial stability was bolstered through a NOK 100 million convertible loan and improved debt terms from existing lenders in 2023.

Exit

Despite the comprehensive turnaround program, Tellus faced a situation of continued market decline and increasing inventory levels going into low season in Q4 2024. Following a thorough evaluation, Credo Partners, for the first time in its history, concluded together with the board, founders, and creditors of Tellus that there was no longer basis for continued operations. The company filed for bankruptcy in December 2024.

A few of the founders have continued parts of the operations in Tellus following the bankruptcy.