RV manufacturer THOR Industries has purchased the Franklin County company Tiffin Motorhomes for $300 million, the company announced Monday.
The Tiffin family — all three generations — will retain control of day-to-day operations at the motor home manufacturing business that bears their name. Tiffin Motorhomes will operate as a wholly-owned subsidiary of THOR Industries.
Tiffin Motorhomes will remain based in Red Bay, a town of about 3,000 people located on the Mississippi border around an hour’s drive southwest of Florence. The Tiffins, previously general store owners and ginners, got into the motorhome business when now-patriarch Bob Tiffin bought a failed RV company in 1972.
Bob, along with his sons and now grandson, built Tiffin Motorhomes into a luxury brand and a business that generated around $800 million in revenue from RV sales during the fiscal year that ended in February of 2020.
“The dealers and customers who love the Tiffin brand will continue to receive the high-quality products they have grown to expect,” CEO Bob Tiffin said in a release.
“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,” remarked Bob Martin, THOR president and CEO.
A release from the Elkhart, Indiana-based THOR says the conglomerate’s purchase “is funded with a combination of available cash and a draw on the company’s existing asset-based credit facility.”
In addition to the headquarters in Red Bay, Tiffin operates a facility in Winfield, Alabama, and two locations in Mississippi — all of which will remain in operation after the company’s acquisition.
“Though many aspects of our business will not change, we do anticipate many positive developments under THOR Industries. To name a few, these include expanded innovation, access to capital for facilities and process improvements, and the ability to improve our focus on customer service,” Tiffin Motorhomes shared on the company website.
Existing Tiffin customers will not see any change in how they service their vehicles and no delays to any manufacturing lines are expected due to the company’s acquisition.
The coronavirus pandemic has boosted sales and interest in the RV industry as the vehicles remain a safe and comfortable way to travel while remaining isolated from crowds.
For THOR Industries, the Tiffin acquisition will slot in as a luxury brand complement to already-owned lines such as Airstream, Heartland RV, and Hymer. Part of THOR’s business model is for their brands ” to compete aggressively with one another,” per a release from the company.
“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,” Bob Tiffin concluded.
Henry Thornton is a staff writer for Yellowhammer News. You can contact him by email: [email protected] or on Twitter @HenryThornton95.
