THOR Industries acquires Tiffin Motor Homes
RED BAY – THOR Industries, Inc. today announced the $300 million acquisition of Tiffin Motor Homes, Inc. and related companies known collectively as the Tiffin Group.
The Elkhart, Indiana, company funded the purhase 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 Friday.
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 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,” said Bob Martin, THOR President and CEO. “Its strong presence in the luxury class A segment makes it very complimentary to THOR’s current North American portfolio. I have 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. 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.”
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. 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. THOR’s strategy to empower its companies to compete with one another and to avoid a centralized operational strategy for its different companies was very important to us. The dealers and customers who love the Tiffin brand will continue to receive the high-quality products they have grown to expect. And I am not going anywhere as I will continue to operate the Tiffin companies as I have with no timeline for change. My sons, Van and Tim, as well as my grandson, Leigh, will also continue to have major roles in the Tiffin business. Instead of feeling like I sold a business, I feel like we have aligned with a great company that will enable us to take Tiffin to a new level while maintaining the Tiffin culture and brand integrity that has set us apart from our competitors for years.”
THOR Industries has been very consistent in making acquisitions that fit specific parameters. THOR focuses on acquiring successful companies with strong management teams, top-quality operations, excellent products and a solid dealer network. THOR operates using a decentralized business model, allowing its brands to compete aggressively with one another and to manage and run their own operations, while benefitting from THOR’s financial strength and resources to drive future growth.
Tiffin Motorhomes, operating in Red Bay and Mississippi, manufactures a luxurious lineup of both 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 a premium Class C product line – The Wayfarer.
Vanleigh RV, operating in Mississippi, produces a line of fifth-wheel towable products, including the Pinecrest, Vilano and Beacon models.
Additional companies within the acquired Tiffin Group include a window manufacturer (Alabama-based Wynne Enterprises, Inc.), a furniture manufacturer (Alabama-based Roma Enterprises, Inc.), a door manufacturer (Alabama-based Tiffin Door Co., Inc.), a fiberglass supplier (Mississippi-based Water-Way, Inc.), and an RV transport company (Alabama-based Drive-A-Way of Red Bay, Inc.).
Tiffin Group will operate as stand-alone operating company within the THOR family of companies. The Tiffin family and the Tiffin Group’s experienced management team will continue to manage their operations, just as they and their family have done for the past 49 years.