Sunday, September 19, 2010

Trailer Life Magazine

Trailer Life Magazine

Thor Buys Stake in Heartland RV for $200M

Posted: 18 Sep 2010 11:36 AM PDT

Thor Industries Inc. has bought a controlling interest in Elkhart, Indiana-based Heartland Recreational Vehicles LLC. The purchase price is $200 million. The acquisition, Thor's first major purchase since 2005 and just two weeks after its 30th anniversary, has been rumored for several days. Catterton Partners, a leading consumer-focused private equity firm in North America, today (Sept. 17) announced that it sold its controlling stake in Heartland for cash and stock. Heartland recorded sales the last 12 months in excess of $400 million. Under Thor's ownership, Heartland RV will continue to operate under the Heartland name and will maintain its current brand portfolio. Heartland will remain headquartered in Elkhart and will continue to be led by the company's current management team under CEO Brian Brady. "We are proud of the dramatic growth that Heartland has experienced, and we believe that the transaction with Thor will further accelerate Heartland's growth," said Scott Dahnke, managing partner of Catterton Partners. "This transaction pairs Heartland with the most successful RV company in the world; we are confident that it will be a winning combination for Heartland dealers and consumers. Industry fundamentals remain strong, and with Thor's breadth, scale and financial resources, Heartland can continue to offer its dealers and consumers the highest quality products for great value, while continuing its record of product innovation and outstanding service. We are excited to be Thor shareholders and look forward to the substantial upside inherent in the combined company." "We are very excited about this transaction as it clearly benefits our dealers, our employees, our customers, and the entire Heartland family. 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," said Brady. "I want to thank our employees for their hard work and dedication to Heartland; their efforts have been a critical part of our success. We are pleased to bring Heartland's creative energy and relentless commitment to excellence to the Thor family. The entire Heartland organization looks forward with great anticipation to continuing to offer our dealers and consumers the same best-in-class products and innovations that they have come to expect from Heartland." Since partnering with the Heartland founders in early 2007, Catterton has worked with the Heartland management team to enable the company to become the fourth largest manufacturer of towable RVs in the U.S., up from the 12th position at the time of its investment. Over this period, Heartland has quadrupled its sales, earnings and market share by expanding its geographic reach, introducing innovative new product lines, and enhancing the overall customer experience, all while maintaining strong relationships with its loyal dealers. Recently, with Catterton's support, Heartland also enhanced its brand portfolio through its acquisition of Fleetwood Enterprises' towable brand portfolio. Heartland is a leading manufacturer of towable recreational vehicles in the U.S. The company markets over 15 brands of fifth-wheel and travel trailer RVs and has captured the No. 3 market share in the fifth-wheel category. Heartland's towable RVs are sold through an independent network of dealers throughout the United States and Canada. The company has over 1,000 employees. Story courtesy of RV Business.

‘RV Doctor’ in Live Saturday Webcast

Posted: 18 Sep 2010 11:36 AM PDT

Gary Bunzer, "the RV Doctor," will appear live on a webcast from the Pennsylvania RV and Camping Show Saturday (Sept. 18) from 1 p.m. to 2 p.m., EST. The live web event can be viewed at RVtravel.com. Bunzer's "RV Doctor" column has appeared in many RV consumer and trade publications since 1976 and at RVdoctor.com. In Saturday's webcast, he will respond to e-mailed questions from viewers in the RVtravel.com-sponsored event from the Giant Center in Hershey, Pennsylvania. This is the seventh in a series of webcasts sponsored by RVtravel.com. Since the series began, more than 120,000 RV enthusiasts have watched either live, in its archives or at RVdoctorVideos.com. Story courtesy of RV Business.
Posted by febri at 1:06 PM