Thor Industries Acquires Erwin Hymer Group

Thor Industries and the shareholders of Erwin Hymer Group SE have entered into a definitive agreement for Thor to acquire Erwin Hymer Group for an enterprise value of 2.1 billion euros, with the purchase price to be funded with cash and equity.

Equity consideration will consist of 2.3 million shares of Thor, according to a news release.

The history of the Elddis brand already begins in the 1950s when Siddle and Mary Cook discovered the joy of camping. They soon found out that no product on the market really satisfied their needs. So, they built a caravan themselves. (Source: Erwin Hymer Group)

The history of the Elddis brand already begins in the 1950s when Siddle and Mary Cook discovered the joy of camping. They soon found out that no product on the market really satisfied their needs. So, they built a caravan themselves. (Source: Erwin Hymer Group)

The Hymer family will thereby remain engaged in the industry. The combination creates the world’s largest RV manufacturer, with the leading position in both North America and Europe, and establishes a global sales and production footprint for the company.

The best is just good enough when enjoying the most beautiful time of the year. And the best includes the caravan models Clipper, Cruiser, Commodore, Aruba or Barracuda by Buccaneer. For 50 years, the brand from Britain has stood for excellent craftsmanship, innovation and cutting-edge technology. The brand has been part of the Erwin Hymer Group since 2017. (Source: Erwin Hymer Group)

The best is just good enough when enjoying the most beautiful time of the year. And the best includes the caravan models Clipper, Cruiser, Commodore, Aruba or Barracuda by Buccaneer. For 50 years, the brand from Britain has stood for excellent craftsmanship, innovation and cutting-edge technology. The brand has been part of the Erwin Hymer Group since 2017. (Source: Erwin Hymer Group)

“It further enables us to go to market with a company that has a 60-plus year track record of excellence within the RV industry represented by outstanding brands that are synonymous with innovation and quality,” Bob Martin, Thor President and CEO, said during a webcast yesterday (September 17, 208) morning.

“Over my 25-plus years in the industry, I have always admired the organization and have been keenly aware of how successfully they compete in the European market with an outstanding record of innovation, product development, and overall excellence.”

Recreational vehicles by Bürstner combine French elegance and creativity with German solidity and thoroughness, which creates a unique living experience. (Source: Erwin Hymer Group)

Recreational vehicles by Bürstner combine French elegance and creativity with German solidity and thoroughness, which creates a unique living experience. (Source: Erwin Hymer Group)

Thor expects the transaction to be accretive to earnings in the first year, before taking into account anticipated synergies, purchase accounting adjustments, and transaction-related expenses. Subsequent to closing, Thor intends to repurchase shares both opportunistically and systematically in order to offset the issuance of shares to the Hymer family.

Headquartered in Bad Waldsee, Germany, Erwin Hymer Group is one of the premier manufacturers of RVs in a growing European market. Erwin Hymer Group sells through a worldwide network of more than 1,200 retail dealerships and employs more than 7,300 team members globally. Their product portfolio ranges from lightweight travel trailers to high-end motorhomes. For the fiscal year ended August 31, the Erwin Hymer Group expects to generate revenues of more than $2.9 billion.

Eriba is the caravan specialist of the Erwin Hymer Group and benefits from over 60 years of experience. (Source: Erwin Hymer Group)

Eriba is the caravan specialist of the Erwin Hymer Group and benefits from over 60 years of experience. (Source: Erwin Hymer Group)

“The Erwin Hymer Group has an unparalleled history and reputation as well as a talented management team that is focused on building on that tradition and charting new, attractive growth opportunities for the company,” said Martin.

“This transaction provides Thor a unique opportunity to grow with the European RV market leader.”

“With Thor Industries, our family has found the ideal new owner partner for the Erwin Hymer Group to successfully continue on its long-term growth and internationalization path,” said Christian Hymer, son of the late founder, Erwin Hymer and member of the Erwin Hymer Group Supervisory Board.

Close the door and off you go: Sunlight motorhomes are the perfect companion for anyone who is eager to find out what lies beyond the horizon. (Source: Erwin Hymer Group)

“Thor Industries and the Erwin Hymer Group are cut from the same cloth and, in their philosophy, still bear the stamp of their founders. An entrepreneurial mindset, a spirit of innovation and quality leadership are top priorities for both groups.”

“International was a great move for us. The products are very similar,” said Martin. “They are lighter, but with the components, many of the suppliers we share. There are many opportunities for suppliers we use here that aren’t into Europe just yet that may be opportunities to create more benefits for them. And also, some of the suppliers in Europe could help us here.”

Xplore is the pioneer for innovative and affordable lightweight construction in the caravan segment. The award-winning product family offers exclusive layouts and extremely light caravans for the English market. Each model is highly compact and yet spacious and can be hitched to virtually any car. (Source: Erwin Hymer Group)

Xplore is the pioneer for innovative and affordable lightweight construction in the caravan segment. The award-winning product family offers exclusive layouts and extremely light caravans for the English market. Each model is highly compact and yet spacious and can be hitched to virtually any car. (Source: Erwin Hymer Group)

“We’re looking forward to opening the next chapter of our company’s history with Thor Industries, and are convinced that we will mutually benefit from each other,” said Martin Brandt, the CEO of the Erwin Hymer Group.

“With Thor Industries, the Erwin Hymer Group will be able to speed up the development of its relatively new activities in the attractive North American market.”

Brandt will continue to lead the Erwin Hymer Group business post-closing as its CEO, reporting directly to Martin. No changes in production facilities or employee levels are anticipated within Erwin Hymer Group or Thor as a direct result of this transaction.

3DOG camping is the expert for roof-top tents for cars and tent trailers. Each product is made by hand by a small team in Germany. Roof-top tents and tent trailers are especially comfortable, spacious and durable. (Source: Erwin Hymer Group)

3DOG camping is the expert for roof-top tents for cars and tent trailers. Each product is made by hand by a small team in Germany. Roof-top tents and tent trailers are especially comfortable, spacious and durable. (Source: Erwin Hymer Group)

The transaction has been approved by Thor’s board of directors and is expected to close near the end of the calendar year, subject to customary closing conditions, including regulatory and other necessary approvals.

Worth Pondering…
If your actions inspire others to dream more, learn more, do more and become more, you are a leader.

—John Quincy Adams

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