November '20

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54 • RV PRO • November 2020 rv-pro.com RV M A N U FA C T U R E R S M&A IN THE RV INDUSTRY Editor's note: This article is the third in a three-part series looking at how mergers and acquisitions are reshaping the RV industry. This article looks at the RV manufacturing segment. Part II of the series, looking at M&A activity in the supplier segment, ran in the October issue. Part I of the series, looking at dealer M&A activity, appeared in the September issue. "The American Who Found Europe." That was the title European RV trade magazine AboutCamp BtoB bestowed upon THOR CEO Bob Martin in the days following an October 2019 THOR Investor Day presentation in Bad Waldsee, Germany, where Martin made the case for his company's decision to acquire Europe's largest RV manufacturer, the Erwin Hymer Group. The magazine's title was fitting, as THOR's purchase of EHG for $2 billion makes it the first truly transatlantic RV manufacturer – while also opening the door to potential future acquisitions across the European RV landscape. Notably, the European RV market is much more fragmented than in the U.S., where THOR and main rival Forest River had a combined 2019 market share of more than 75 percent, according to market data firm Statistical Surveys. In an interview with RV PRO, Martin offers his take on what led up to THOR's biggest single acquisition to date. THOR Goes Global By Steve Bibler and Bradley Worrell The company became the first truly transatlantic RV maker with its purchase of Germany's Erwin Hymer Group ... and more European acquisitions are likely forthcoming. THOR and EHG executives made the case for why the combination of the two RV makers will be good for the companies and good for company stockholders during a well-attended October 2019 THOR Investor Day presentation in Bad Waldsee, Germany, which is home to EHG. PHOTOS COURTESY OF ERWIN HYMER GROUP UNLESS OTHERWISE STATED

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