(July 1, 2016) — Thor Industries today announced the acquisition of Jayco for approximately $576 million in cash.
This transaction represents a unique and significant opportunity to enhance the growth of Thor and advance the company’s strategic focus on growing its RV business, the release noted. In particular, Jayco brings complementary products in travel trailers, folding camping trailers, higher-end diesel Class A motorhomes and larger Class C motorhomes.
Jayco will be a wholly owned subsidiary of Thor, and the existing senior management team will continue to lead the business.
“We are thrilled to welcome Jayco to the Thor portfolio of companies,” said Bob Martin, Thor president and CEO. “Jayco is a company that I have admired for more than 20 years while working in the industry and living in the community very close to their operations.”
Wilbur Bontrager, chairman of the board of Jayco, said, “Our family is very proud of the legacy we have established and nurtured over the past 48 years. As a family run and owned business, we view today’s transaction as an opportunity to continue growing our business while joining an even larger family.”
Derald Bontrager, president and CEO of Jayco, added, “The core values that are synonymous with Jayco and its brands shape the way we run our business, and these values will remain and guide us as we look to the future. We will continue with the same focus our father had on serving our dealers and consumers better than anyone else in the industry,” he said.
Jayco includes strong subsidiaries such as Jayco, Starcraft RV, Highland Ridge and Entegra Coach, including brands like the Jay Flight, the No. 1 selling travel trailer for the past 11 years.
Jayco and its subsidiaries Jayco, Starcraft RV, Highland Ridge and Entegra Coach currently operate in 31 facilities which include 17 production lines covering 2.2 million square feet of production space located primarily in Northern Indiana with additional facilities in Twin Falls, Idaho.
Thor will operate Jayco as an independent company as it does with its other subsidiaries, the release explained, adding that it will be “business as usual” at Jayco as their existing, experienced management team will continue to manage their operations and compete effectively in the RV market, just as they and their family have done for the past 48 years.
“Jayco has a well-deserved reputation of providing their dealers and retail consumers with the RVs and service they demand and the value they deserve,” said Martin. “That product innovation and dedication to their dealers and retail consumers will continue, without interruption, through the support of Thor as we continue to focus on growing our business in the North American market.
“We are excited by what we can bring to Jayco and by what they can bring to us to deliver exceptional product quality and an outstanding customer experience that will benefit everyone involved in the RV lifestyle,” he explained.
SOURCE: Thor Industries press release