Thor Industries buys luxury RV manufacturer
ELKHART, Ind. (Inside INdiana Business) — Elkhart-based Thor Industries Inc. (NYSE: THO) has announced it has finalized a deal to acquire Tiffin Motor Homes in Alabama and its related companies for $300 million. Thor says, per the terms of the purchase agreement, Tiffin Group will continue to be managed by the Tiffin family and its existing senior management team.
The Tiffin Group operates in Alabama and Mississippi and makes a lineup of several RVs, including the Allegro Breeze, Open Road Allegro and Zephyr models.
“The Tiffin brand is synonymous with quality and customer satisfaction in our industry. For many decades, Tiffin has set the standard for the luxury class A market,” said Bob Martin, president and chief executive officer of Thor. “Its strong presence in the luxury class A segment makes it very complimentary to THOR’s current North American portfolio.”
Martin says the geographic location of Tiffin creates several strategic opportunities for the company, including an expanded workforce and potential new suppliers.
Tiffin Motorhomes Chief Executive Officer Bob Tiffin says finding a partner took time.
“We needed a partner who we could trust would sustain all of those elements and help us grow the business in a manner that is consistent with how we’ve done business at Tiffin for nearly 50 years. I have known of Bob Martin for many years and have always respected THOR’s business model and how effectively they have added new businesses to their portfolio, while maintaining the independence and legacy of each new addition”, said Tiffin.
Martin says the purchase price was funded through cash on-hand along with $165 million in borrowings from Thor’s asset-based facility.