Thor Mergers and Acquisitions Summary

AutomotiveCompany

Thor has acquired 17 companies, including 3 in the last 5 years. A total of 3 acquisitions came from private equity firms. It has also divested 2 assets.

Thor’s largest acquisition to date was in 2021, when it acquired Airxcel for $750M. It’s largest disclosed sale occurred in 2013, when it sold Thor - Bus Business to REV Group for $100M. Thor has acquired in 4 different US states, and 2 countries. The Company’s most targeted sectors include automotive (83%) and chemicals (6%).

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M&A Summary

  • M&A Total Activity19
    • M&A Buy Activity17
    • M&A Sell Activity2
  • Total Sectors Invested 4
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 5

Thor

Thor Industries, Inc.

601 East Beardsley Avenue,
Elkhart, Indiana 46514
United States,
(574) 970-7460
www.thorindustries.com

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


M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (0.6/yr) # 14 - 1 - 2 - 17
vol $1.2B $750M $1.9B
Sell (0.0/yr) # 2 - - - - - 2
vol $100M $100M
  19

Most Recent M&A

Company Date Value Type
Elkhart Composites, Inc. 2021-12-07 - Add-on Acquisition
Elkhart, Indiana
Airxcel, Inc. 2021-09-01 750M USD Add-on Acquisition
Wichita, Kansas · www.airxcel.com
Erwin Hymer Group 2019-01-21 - Add-on Acquisition
Bad Waldsee, Germany · www.erwinhymergroup.com
Jayco Corp. 2016-07-01 576M USD Add-on Acquisition
Middlebury, Indiana · www.jayco.com
Postle Aluminum Co. LLC 2015-05-01 144M USD Add-on Acquisition
Elkhart, Indiana · www.postledistributors.com
K-Z, Inc. 2014-04-17 53M USD Add-on Acquisition
Shipshewana, Indiana · www.kz-rv.com
Bison Coach LLC 2013-10-31 17M USD Divestiture
Milford, Indiana · www.bisontrailer.com
Livin' Lite Recreational Vehicles LLC 2013-08-27 - Add-on Acquisition
Wakarusa, Indiana · www.livinlite.com
Thor - Bus Business 2013-07-31 100M USD Divestiture
, United States
SJC Industries Corp. 2013-05-06 - Divestiture
Elkhart, Indiana
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Automotive 14 (82%) 1.0B (54%) 2 (100%) 100M (100%)
Chemicals 1 (6%) - - -
Manufacturing 1 (6%) 750M (39%) - -
Metals/Mining 1 (6%) 144M (7%) - -
Total 17 $1.9B 2 $100M

By Geo

State/Country Buy Value Sell Value
United States 16 1.9B 2 100M
  Indiana 13 1.2B 1 -
  Oregon 1 - - -
  Michigan 1 - - -
  Kansas 1 750M - -
Germany 1 - - -
Domestic 16 (94%) 1.9B (100%) 2 (100%) 100M (100%)
Cross-border 1 (6%) - - -
Total 17 $1.9B 2 $100M

Deal Values

buy # Total
$100M to $1B 5 $1.8B
< $100M 3 $116M
TOTAL $1.9B
Largest Airxcel, Inc.
$750M (2021-09-01)
sell # Total
< $100M 1 $100M
TOTAL $100M
Largest Thor - Bus Business
$100M (2013-07-31)

M&A Connections

Deals
Acquired from
Investor(s)
18%
3 (18%)
Strategic(s)
6%
1 (6%)
Divested to
Strategic(s)
100%
2 (100%)

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