News

American RV giant Thor Industries has added to its already extensive portfolio of brands with the acquisition of luxury RV manufacturer Tiffin Motorhomes Inc and all related companies for an estimated cost of US$300 million. 

Alabama, United States-based Tiffin has been established since 1972 and has a good reputation for manufacturing quality RVs with an extremely loyal customer base. Thor’s acquisition also includes Tiffin’s Vanleigh RV brand and all other Tiffin companies and is effective from 18 December 2020, making the Tiffin Group LLC a wholly owned subsidiary of Thor Industries.

Bob Martin, Thor president and CEO, said: "The Tiffin brand is synonymous with quality and customer satisfaction in our industry. For many decades, Tiffin has set the standard for the luxury class A market. Its strong presence in the luxury class A segment makes it very complimentary to THOR's current North American portfolio. I have known of and respected Bob Tiffin and the Tiffin brand for many years. Bob and his family have built Tiffin into an industry leader, well known for its Class A motorhomes, quality workmanship and outstanding customer service. I was therefore thrilled to be contacted by Bob when he wanted to talk about joining the Thor family of companies. From the start, it was a great conversation which established a natural fit for both companies and quickly led to this acquisition. The Tiffin Group operates in Alabama and Mississippi with more of a vertically integrated business model than is typical for our industry. The geographic separation from Elkhart offers numerous strategic opportunities including an expanded and talented workforce and a host of potential new suppliers.”

Robert ‘Bob’ Tiffin, the CEO of Tiffin Motorhomes, added: “As a family-owned business since 1972, finding the right partner for the future of the Tiffin Group of companies was crucial. The future of this group of companies is critical not just to the Tiffin family but to our employees, our dealers and our incredibly loyal customers. We needed a partner who we could trust would sustain all of those elements and help us grow the business in a manner that is consistent with how we've done business at Tiffin for nearly 50 years. I have known of Bob Martin for many years and have always respected THOR's business model and how effectively they have added new businesses to their portfolio, while maintaining the independence and legacy of each new addition. THOR's strategy to empower its companies to compete with one another and to avoid a centralized operational strategy for its different companies was very important to us. The dealers and customers who love the Tiffin brand will continue to receive the high-quality products they have grown to expect. And I am not going anywhere as I will continue to operate the Tiffin companies as I have with no timeline for change. My sons, Van and Tim, as well as my grandson, Leigh, will also continue to have major roles in the Tiffin business. Instead of feeling like I sold a business, I feel like we have aligned with a great company that will enable us to take Tiffin to a new level while maintaining the Tiffin culture and brand integrity that has set us apart from our competitors for years.”

Tiffin made an impressive US$800 million in its 2020 fiscal year, with an estimated 90 per cent of that coming from motorised unit sales, the other 10 per cent from towable unit sales. Thor has stated it will hold a virtual investor update event in the second half of its fiscal year to provide investors with a comprehensive update of the company’s progress and current outlook regarding 2025 goals.