Thor Industries buys Airxcel from L Catterton for $750m

Thor Industries Inc has acquired Wichita, Kansas-based Airxcel, a maker of RV products.

Thor Industries Inc has acquired Wichita, Kansas-based Airxcel, a maker of RV products. The purchase price is $750 million. Airxcel was backed by L Catterton.


ELKHART, Ind., Sept. 1, 2021 /PRNewswire/ — THOR Industries, Inc. (NYSE: THO) announced it has acquired Wichita, Kansas-based AirX Intermediate, Inc. (“Airxcel”) with the transaction closing effective September 1, 2021. Airxcel manufactures a comprehensive line of high-quality RV products which they sell to original equipment manufacturers (OEMs) as well as consumers via aftermarket sales through dealers and retailers. The purchase price is $750 million, subject to standard post-closing adjustments, and was funded through a combination cash-on-hand and $625 million from THOR’s expanded

Asset-Based Credit Facility (ABL).
Financial Highlights
Airxcel generated annual pro forma revenue of approximately $680 million
The purchase price is approximately 7.6x estimated, adjusted EBITDA for calendar year 2021
Approximately 80% of Airxcel’s revenues are from OEM sales with the remaining 20% from aftermarket sales
Approximately 30% of Airxcel’s OEM revenues were generated from sales to subsidiaries of THOR Industries, Inc.
The acquisition is consistent with THOR’s long-term strategic growth plan to grow sales and enhance consolidated gross margins
The acquisition is expected to be accretive to THOR’s fiscal year 2022 earnings

Overview of Airxcel
Airxcel began in 1991 as a divesture of the Coleman RV Air Conditioner division. The company has continued to grow through innovative product development, market expansion, and strategic acquisitions. The Airxcel RV Group provides industry-leading products in recreational vehicle heating, cooling, ventilation, cooking, window covering, side wall, 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 across the U.S. and in Italy, where they design, manufacture, and distribute products all over the world. For additional information, please visit:

“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 (i) the strength of their management team and dedicated workforce, (ii) the quality of their products and reputation for innovation, (iii) the long-standing relationships with both OEM and aftermarket customers and, (iv) 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.

Transaction Financing
Thor funded the acquisition of Airxcel from a combination of cash on-hand and its ABL facility. In conjunction with the Airxcel acquisition, THOR expanded its Asset-Based Credit Facility from $750 million to $1.0 billion under favorable terms for THOR. “Consistent with our stated capital allocation priorities, we expect to remain focused on paying down our outstanding debt balances from future net cash generated from operations,” said Colleen Zuhl, THOR Industries’ Senior Vice President and Chief Financial Officer.

About THOR Industries, Inc.
THOR Industries is the sole owner of operating subsidiaries that, combined, represent the world’s largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to