Thor Industries Acquires Recreational Vehicle Parts Maker Airxcel For $750M

by Shivani Kumaresan, Benzinga Staff Writer

September 1, 2021 2:34 PM | 1 min read | Make a Comment

Thor Industries Inc THO has acquired AirX Intermediate, Inc (Airxcel) for a purchase price of $750 million. Wichita, Kansas-based Airxcel is a maker of recreational vehicle parts and accessories that they sell to original equipment manufacturers (OEMs) and consumers via aftermarket sales through dealers and retailers.
Thor expects the acquisition to be accretive to its fiscal year 2022 earnings.
Airxcel generated about $680 million annual revenue, with roughly 80% from OEM sales and 20% from aftermarket sales.
Thor funded the deal through a combination of cash-on-hand and $625 million from its expanded Asset-Based Credit Facility.
Thor held $541.36 million in cash and equivalents as of July 31, 2021.
Price Action: THO shares are trading higher by 3.35% at $117.23 on the last check Wednesday.