(December 21, 2020) — THOR Industries, Inc. has acquired Tiffin Motorhomes, Inc. and related companies for $300 million. Tiffin is best known for its high quality, luxury motorhomes.
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Monday morning, Tiffin announced the sale, saying the family will continue to run daily operations at Tiffin’s four Alabama locations – Red Bay, Winfield, Belmont, and Burnsville – and the plants will continue to manufacture the company’s motorhomes.
The purchase agreement was executed and effective at the close of business on Dec. 18, according to a company news release. 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 company already owns, among others, Thor Motorcoach, Airstream, Jayco and the Erwin Hymer Group.
Robert “Bob” Tiffin, chief executive officer of Tiffin Motorhomes, said 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,” he continued. “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.”
THOR President and CEO Bob Martin said he has “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.”
On its website, the Tiffin company noted: “We will continue to manufacture motorhomes to the highest standards of quality, craftsmanship and innovation and we will continue to provide excellent customer service to our new and existing customers. We anticipate that joining the THOR Industries family of companies will provide many manufacturing benefits, including expanded innovation, access to capital for facilities and process improvements, and the ability to improve our focus on customer service.”
No Tiffin Motorhomes facilities will be moved or closed due to the acquisition, nor will there be any change to the warranties of existing customers.
Tiffin Motorhomes, operating in Alabama 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 a 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.
Of Tiffin’s $800 million in RV sales in fiscal 2020, approximately 90% came from motorized unit sales and 10% was from towable unit sales.
The purchase price of $300 million is subject to customary post-closing adjustments.
The purchase price was funded through existing cash on-hand as well as $165 million in borrowings from THOR’s existing asset-based credit facility.
Bob Tiffin, CEO of Tiffin Motorhomes, Inc. meets with Bob Martin, President/CEO at Thor Industries Inc. to discuss THOR Industries’ acquisition of Tiffin Motorhomes, Inc.