THOR - THOR buys Tiffin Motor Homes and related companies for $300M

Purchase includes Tiffin Motorhomes, Vanleigh RV and other associated operating entities.The agreement was executed and effective at the close of business on Dec. 18, 2020.The Tiffin Group generated ~$800M in revenue from the sale of RVs for the fiscal year ended Feb. 28, 2020. The sales of the associated operating companies are primarily made to Tiffin Motorhomes and Vanleigh RV.The transaction was funded through existing cash on-hand as well as $165M in borrowings from THOR's existing asset-based credit facility.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.The acquisition is consistent with THOR's (THOR) long-term strategic growth plan.Press ReleasePreviously: Thor Industries called a buying opportunity by Argus (Dec. 17)

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THOR buys Tiffin Motor Homes and related companies for $300M