THOR Industries Acquires Tiffin Motorhomes for $300M
THOR Industries Inc. today (Dec. 21) announced the acquisition of Tiffin Motorhomes Inc. and related companies for $300 million, funded with a combination of available cash and a draw on the company’s existing asset-based credit facility. The purchase agreement was executed and effective at the close of business on Dec. 18, according to a company release. Tiffin Group LLC, a wholly owned subsidiary of THOR, will own the Tiffin Group, which will continue to be managed by the Tiffin family and existing senior management team.
Robert “Bob” Tiffin, chief executive officer of Tiffin Motorhomes, said as a “family-owned business since 1972, finding the right partner for the future of the Tiffin Group of companies was crucial.”
“The future of this group of companies is critical not just to the Tiffin family but to our employees, our dealers and our incredibly loyal customers,” he continued. “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.”
For his part, THOR President and CEO Bob Martin said he has “known of and respected Bob Tiffin and the Tiffin brand for many years. Bob and his family have built Tiffin into an industry leader, well known for its Class A motorhomes, quality workmanship and outstanding customer service. I was therefore thrilled to be contacted by Bob when he wanted to talk about joining the THOR family of companies. From the start, it was a great conversation which established a natural fit for both companies and quickly led to this acquisition.”
