JACKSON CENTER, Ohio (AP) -- Recreation vehicle maker Thor Industries Inc. has acquired Heartland Vehicles LLC, which makes towable RVs, from a private equity firm for $100 million cash and 4.3 million shares of its own stock.
Based on Thursday's closing price, the deal is worth $209.4 million.
Thor said Friday Heartland will continue to operate as an independent brand and its management team will remain unchanged. The company's sales have exceeded $400 million over the last 12 months and it is the third largest maker of fifth wheel RVs and the sixth largest maker of travel trailers, Thor said.
"Under Thor's ownership, we will have access to increased financial and operational resources which will enable us to continue our strong momentum in the marketplace," Heartland CEO Brian Brady said in a statement.
Catterton Partners, the Greenwich, Conn., a private equity firm specializing in consumer products, has owned Heartland since 2007.
Shares of Thor rose $2.60, or 10 percent, to $28.04 in morning trading.
Based on Thursday's closing price, the deal is worth $209.4 million.
Thor said Friday Heartland will continue to operate as an independent brand and its management team will remain unchanged. The company's sales have exceeded $400 million over the last 12 months and it is the third largest maker of fifth wheel RVs and the sixth largest maker of travel trailers, Thor said.
"Under Thor's ownership, we will have access to increased financial and operational resources which will enable us to continue our strong momentum in the marketplace," Heartland CEO Brian Brady said in a statement.
Catterton Partners, the Greenwich, Conn., a private equity firm specializing in consumer products, has owned Heartland since 2007.
Shares of Thor rose $2.60, or 10 percent, to $28.04 in morning trading.
