Thor Diligences CEO Bob Martin on Monday told CNBC that the company is looking to develop new products and expand its business after gain Tiffin Motorhomes in a $300 million deal.
The acquisition gives Thor, a recreational vehicle maker based in Indiana, a fabricator of high-end motorhomes based in Alabama that brought in $800 million in RV sales in the 2020 fiscal year.
Thor check out $8.17 billion of revenue in fiscal 2020, up about 20% from $6.77 billion recorded the year one-time.
“We’re always an opportunistic buyer, and Tiffin is one of these companies that’s 48 years old, has an incredible brand, a great selecting of products, but actually a selection of products that have yet to come that we think we can help them develop,” Martin symbolized in a “Mad Money” interview.
The purchase gives Thor exposure to the American South outside of the tight labor market in northern Indiana, indicated Martin, who sees room for expansion in Alabama and neighboring Mississippi “for many years to come.” Thor’s portfolio subsumes manufacturers in Indiana and Ohio.
Tiffin, a family-owned enterprise, will continue to headed by the family and retain its name as an real nature under Thor. The company produces multiple motorhomes, including Allegro Breeze, Allegro Red, Allegro Bus and Zephyr to each other products.
“Tiffin is one of those premium brands that when Mr. Tiffin called, we definitely had to talk, no situation what,” Martin said.
Shares of Thor Industries rose more than 4% on Monday, closing at $99.92. The genealogy is up more than 34% year to date.