The world’s largest RV manufacturer, THOR Industries, is now a little larger. THOR Industries, Inc. (NYSE: THO) announced this morning the acquisition of Tiffin Motor Homes for $300 million.
Tiffin has been a well respected, family-owned brand for nearly 50 year. But as is common with most THOR acquisitions, the company will still be independently operated. The Tiffin group will continue to be managed by the Tiffin family and existing senior management team, and includes the Alabama- and Mississippi-based Class A and C motorhome maker along with its subsidiary 5th wheel company Vanleigh, Tiffin also owns several supply chain and service companies: 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.).
“The Tiffin brand is synonymous with quality and customer satisfaction in our industry,” said Bob Martin, THOR President and CEO. “For many decades, Tiffin has set the standard for the luxury class A market. 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.”
The Tiffin Group generated approximately $800 million in revenue from the sale of RVs for the fiscal year that ended February 28, 2020. Tiffin’s motorhome line includes both gas and diesel Class A Motorhomes: the Allegro, Phaeton, and Zephyr, along with the Class C Wayfarer. Vanleigh fifth-wheels include the Pinecrest, Vilano and Beacon models.
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.”
With the acquisition comes the possibility of Tiffin moving into RV categories that it has avoided. Tiffin is new to the towable and Class C segments, and will be able to expand those offerings while possibly building Class B campervans and conventional travel trailers.
