Thor Industries have announced that they have entered into a definitive agreement to acquire the Erwin Hymer Group, for a value of €2.1 billion.
According to the company, this acquisition creates the world’s largest RV manufacturer and creates a global sales and production footprint for the company.
Headquartered in the state of Baden-Wurttemberg, Germany, the Erwin Hymer Group produces vehicles under 24 brand names.
“The Erwin Hymer Group has an unparalleled history and reputation as well as a talented management team,” said Bob Martin, President and CEO of Thor Industries.
“This transaction provides [Thor] a unique opportunity to grow with the European RV market leader. The transaction gives us access to a new market with favourable macro and secular trends affecting RV demand similar to those we have seen in North America,” he said.
A leader in the European RV market, The Erwin Hymer Group say the acquisition is in the best interest of their company.
“We are looking forward to opening the next chapter of our company’s history with Thor Industries,” said Martin Brandt, CEO of the Erwin Hymer Group. “We are convinced that we will mutually benefit from each other.”
Equity consideration consists of approximately 2.3 million shares of Thor industries, keeping the Hymer Family engaged in the industry.
The acquisition by Thor Industries will allow the Erwin Hymer group to expand into the North American market at a much more rapid pace, explained Brandt.
This falls in line with Thor Industries’ longstanding capital allocation strategy, explained Brandt.
“Our focus has been, and continues to be, on delivering value to shareholders by investing opportunistically in accretive growth opportunities with companies that have a strong marketplace position, successful operations and growth-oriented management teams,” he said.
Thor Industries say their board of directors have approved the transaction and expect it to close by the end of the calendar year.
