Thor seeks to exclude North American operations from Hymer deal

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ELKHART — Thor Industries today provided an update on its pending acquisition of the Erwin Hymer Group (EHG).

The company announced that Thor and the sellers are finalizing discussions to exclude EHG’s North American operations from Thor’s purchase of EHG.

Thor and EHG are currently negotiating appropriate revisions to the terms of the stock purchase agreement including adjustments to the purchase price and assumed liabilities as a consequence of the exclusion of EHG’s North American operations.

Upon completion of the current negotiations, Thor will provide an update regarding the changes to the financial terms of the agreement resulting from the exclusion of the EHG’s North American operations from the transaction.

The revised terms are expected to include, among other things, both a reduction in the purchase price and a reduction in the obligations the company would have otherwise assumed under the terms of the original stock purchase agreement, as well as a reduction in the acquisition financing debt the Company has syndicated to fund the purchase.

The equity consideration component of the purchase price is not anticipated to change and the negotiated adjustments are expected to be made within the terms of the Ccompany’s committed acquisition debt financing agreements.

The combination of Thor and EHG will create the world’s largest RV manufacturer, with leading positions in both North America and Europe, the release indicated.

EHG’s European operations, which represent the vast majority and core of EHG’s operations, were and are the driving strategic rationale for the acquisition, it noted.

The acquisition of EHG will provide attractive growth opportunities for the company, both in the near and long term, through EHG’s access to the growing European RV market, Thor Industries explained.

Thor noted that it has received all requisite regulatory approvals. Thor expects that its purchase of EHG will be completed within the company’s fiscal third quarter.

The release did not mention any reasons for excluding the North America operation from the sale, nor did the statement indicate what would become of the Erwin Hymer Group North America operation, which builds and sells recreation vehicles under the Roadtrek and other brands.

Officials at both Erwin Hymer Group North America and Thor Industries have not yet responded to inquiries made by RV Daily Report after the sudden departure of the EHGNA chief executive officer, chief financial officer, chief operating officer and other upper and mid-level managers last week.

SOURCE: Thor Industries press release

Greg Gerber

Greg Gerber

A journalist who has covered the recreation vehicle industry since January 2000, Greg Gerber founded RV Daily Report on April Fool's Day in 2009. He also serves as the editor of the publication and website. As an Eagle Scout, he has enjoyed camping for decades and has visited every state except Hawaii. A DODO -- Dad of Daughters Only -- to three young women, he has two grandchildren as well. He currently splits his time between Wisconsin, Texas and Arizona. Greg can be reached at

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  • Timothy Mitchener says:

    At what point does Thor become a monopoly?

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