THOR Industries of Elkhart, Indiana has announced the acquisition of Tiffin Motor Homes, Inc. (collectively, the “Tiffin Group”) for $300 million. The transaction, funded with a combination of available cash and a draw on the Company’s existing asset-based credit facility, is consistent with THOR’s long-term strategic growth plan and includes Tiffin Motorhomes, Vanleigh RV and other associated operating entities.
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 Tiffin Group generated approximately $800 million in revenue from the sale of RVs for the fiscal year ended February 28, 2020.
“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. Its strong presence in the luxury class A segment makes it very complimentary to THOR’s current North American portfolio,” said Bob Martin, THOR President and CEO. He added, “The Tiffin Group operates in Alabama and Mississippi with more of a vertically integrated business model than is typical for our industry. The geographic separation from Elkhart offers numerous strategic opportunities including an expanded and talented workforce and a host of potential new suppliers.”
Three generations of the Tiffin family will continue to run the daily operations out of four locations.
Robert “Bob” Tiffin, Chief Executive Officer of Tiffin Motorhomes commented, “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. 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.”
The Tiffin company website stated: “THOR Industries’ acquisition of Tiffin Motorhomes allows us to continue our long-term growth and enables Bob Tiffin and the Tiffin family to remain in control and involved in our business, running it the way they want to for longer.”
Tiffin Motorhomes makes gas and diesel Class A Motorhomes including the Allegro Breeze, Allegro Red 340, Allegro Red, Open Road Allegro, Phaeton, Allegro Bus and Zephyr models. The company also produces the Class C product line – The Wayfarer.
