M&A Deal Summary

THOR Industries Acquires Airxcel

On September 1, 2021, THOR Industries acquired manufacturer Airxcel from L Catterton Partners for 750M USD

Acquisition Highlights
  • This is THOR Industries’ 1st transaction in the Manufacturing sector.
  • This is THOR Industries’ largest (disclosed) transaction.
  • This is THOR Industries’ 15th transaction in the United States.
  • This is THOR Industries’ 1st transaction in Kansas.

M&A Deal Summary
Date 2021-09-01
Target Airxcel
Sector Manufacturing
Buyer(s) THOR Industries
Sellers(s) L Catterton Partners
Deal Type Add-on Acquisition
Deal Value 750M USD

Target

Airxcel

Wichita, Kansas, United States
website
Airxcel is a designer, manufacturer, and marketer of climate control systems for a variety of specialty end markets including recreational vehicles, telecommunication enclosures, and commercial/industrial applications. The company employees find opportunities to express creativity and innovation, enhance education and be productive team members in a supportive work environment. It conducts its business with respect and regard for its employees, customers, suppliers, financial partners, and communities in which it operates. Airxcel was formed in 1991 and is based in Wichita, Kansas.

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Buyer(S) 1

Buyer

THOR Industries

Elkhart, Indiana, United States

website

Category Company
Founded 1980
Sector Automotive
Employees22,250
Revenue 16.3B USD (2022)
DESCRIPTION
Thor Industries' corporate headquarters in Elkhart, Indiana.
Thor Industries' corporate headquarters in Elkhart, Indiana.

THOR Industries manufactures a wide range of recreational vehicles (RVs) in the United States and sells those vehicles primarily in the United States and Canada. THOR Industries was founded in 1980 and is based in Elkhart, Indiana.

DEAL STATS #
Overall 16 of 17
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 15 of 16
State (Kansas) 1 of 1
Country (United States) 15 of 16
Year (2021) 1 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-21 Erwin Hymer Group

Bad Waldsee, Germany

Erwin Hymer Group is a manufacturer of motorhomes and caravans. Each year the group sells more than 35,000 recreational vehicles .The Erwin Hymer Group includes the motorhome and caravan brands Bürstner, Carado, Dethleffs, Hymer, Niesmann + Bischoff, Laika, LMC and Sunlight, Europe's largest motorhome rental company McRent, the suspension specialist Goldschmitt, the accessory specialist Movera and the tent caravan manufacturer 3DOG camping. Erwin Hymer Group was founded in 1957 and is based in Bad Waldsee, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-07 Elkboard

Elkhart, Indiana, United States

Elkboard is engaged in the development and sale of a proprietary sustainable foamed polypropylene-based composite material. Elkboard is used in the RV industry for sidewalls, helping to alleviate the industry's dependence on traditional lauan-based sidewalls. Elkboard is based in Elkhart, Indiana.

Buy -

Seller(S) 1

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 82 of 95
Sector (Manufacturing) 2 of 3
Type (Add-on Acquisition) 35 of 42
State (Kansas) 1 of 1
Country (United States) 61 of 72
Year (2021) 10 of 15
Size (of disclosed) 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-26 StriVectin

New York, New York, United States

StriVectin is an independent prestige skincare company in the U.S., empowers people to outsmart aging with our disruptive science and targeted solutions for aging and changing skin. Backed by over 35 years of clinical research, our proprietary NIA-114 Technology is clinically proven to strengthen the skin barrier and supercharge the efficacy of other performance ingredients to visibly transform skin. Cruelty Free, Paraben Free, and Suitable for All Skin Types, StriVectin products are sold through department stores and specialty retailers in North America, Europe, and Asia. StriVectin Operating was founded in 2002 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-14 MERIT

West Hollywood, California, United States

MERIT provides beauty products, created to reimagine luxury beauty by making it clean and accessible, providing a beautiful brand experience through its curated offering of well-edited essentials. MERIT creates products that are safe for body, skin, and planet. MERIT is based in West Hollywood, California.

Buy -
Mergr

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