Thor Industries Inc. announced it has acquired Wichita, KS-based AirX Intermediate, Inc., a manufacturer of OEM and aftermarket RV parts and accessories, for $750 million.
The purchase is subject to standard post-closing adjustments and was funded through a combination of cash on hand and $625 million from Thor’s expanded Asset-Based Credit Facility (ABL).
Airxcel was founded in 1991 as a divesture of the Coleman RV Air Conditioner division. Today the company provides products in recreational vehicle heating, cooling, ventilation, cooking, window covering, sidewall, and roofing materials under the current brands Aqua-Hot, CAN, Coleman-Mach, Dicor Products, United Shade, Vixen Composites, Maxxair, MCD, and Suburban. Airxcel’s employees are based in five facilities in the U.S. and Italy, where they design, manufacture and distribute products.
“We are excited to welcome Airxcel to the Thor Industries family. Airxcel has been a long-time business partner to Thor and the RV industry supplying some of the highest-quality products over decades to the RV industry. There were a number of factors that made this acquisition a compelling and timely fit for Thor, including the strength of their management team and dedicated workforce; the quality of their products and reputation for innovation; the long-standing relationships with both OEM and aftermarket customers and; in the face of so many supply chain challenges over the past year, the ability to invest in the growth of a key supplier for Thor and the RV industry both in North America and Europe.
“We believe the long-term growth potential for the RV industry remains very positive, and this acquisition reflects our confidence that the RV industry will continue to grow. Airxcel will operate independently in Thor’s decentralized business structure, and we will govern this business much like we have managed our Postle Aluminum supply company post-acquisition. Airxcel will operate at arm’s length from Thor’s RV OEM companies and will sell to the various Thor brands as they would any other OEM in the RV industry. Importantly, the current management team at Airxcel will continue operating the business and serving their diverse customer base while gaining access to the financial strength of Thor to support their growth,” said Bob Martin, president and CEO of Thor Industries.
“We have had a long history as a key supplier to the RV industry and to Thor and its many brands specifically, and we are excited to become part of the Thor family of companies,” said Airxcel’s CEO Jeff Rutherford. “Under Thor’s ownership, Airxcel will continue its long-standing relationship with manufacturers and aftermarket providers throughout the RV industry without interruption, while continuing to develop, manufacture and sell high-quality, innovative RV product solutions,” concluded Rutherford.