Thor Industries Adds Another Hoosier CompanyPosted: Updated:
Elkhart-based Thor Industries Inc. (NYSE:THO) has purchased a Wakarusa manufacturer. The deal for Livin' Lite Recreational Vehicles is expected to be complete by Friday. August 27, 2013
ELKHART, Ind. - Thor Industries, Inc. (NYSE:THO) today announced that it acquired the assets of innovative recreational vehicle maker Livin' Lite through a wholly-owned subsidiary. The purchase is subject to customary closing conditions and is expected to be completed by August 30, 2013.
"We are pleased to welcome Livin' Lite to the Thor family of RV brands. Adding such a creative RV maker to Thor's strong stable of brands will enable us to expand our industry-leading position in new product development into camping trailers and truck campers," said Bob Martin, Thor President and Chief Executive Officer. "We see many opportunities for expanding Livin' Lite's market presence through the Thor dealer network, and the ability to leverage their lightweight aluminum and composite construction technology in other Thor products. This transaction represents a solid example of executing our strategic plan to grow our RV presence through the acquisition of brands and technologies that complement our existing business."
Founded by former Heartland executive Scott Tuttle, Wakarusa, Indiana-based Livin' Lite is known for its advanced lightweight aluminum construction applied to a variety of smaller RVs, including travel trailers, toy haulers, camping trailers and truck campers. Livin' Lite also markets its products in partnership with a number of leading consumer brands including Jeep. Having recently been named to Inc. magazine's list of fastest growing companies for the third consecutive year, Livin' Lite is expected to generate sales of approximately $24 million for calendar year 2013.
"We are excited to join forces with Thor, the leading company in the RV industry, and we are looking forward to the new growth opportunities we should see as a result," said Scott Tuttle, President, CEO and founder of Livin' Lite. "We have worked diligently to grow Livin' Lite over the past five years and expect to extend that growth as we bring the distribution, operational and financial strengths of Thor to bear on our business. As the newest company to join Thor, we also expect to add to our combined development efforts as we apply our proprietary technology to a broader array of existing product lines and bring our combined market strength to camping trailers and truck campers."
Thor expects to offer Livin' Lite's current 35 models to its current dealer network upon closing of the transaction. The Company expects Livin' Lite will continue to operate out of its existing Wakarusa facilities with minimal disruption to its current business resulting from the acquisition.
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.
Source: Thor Industries Inc.