Thor Industries

Thor Industries, headquartered in Elkhart, Indiana, stands as the world's largest manufacturer of recreational vehicles, producing a diverse range of products including Class A, Class B, and Class C motor homes, as well as travel trailers and fifth wheel towables across more than 30 brands. Founded in 1980, the company has prioritized quality and customer satisfaction, which has been integral to its sustained growth and strong financial stability. In 2019, Thor expanded its global presence by acquiring Erwin Hymer, enabling it to offer various motorized and towable recreational vehicles in Europe, including motorcaravans and campervans. Additionally, following its acquisition of Airxcel in 2021, Thor has started to generate revenue from aftermarket component parts, though this segment currently accounts for less than 10% of its total revenue.

Peter Orthwein

Chairman and Founder

Todd Woelfer

SVP and COO

18 past transactions

Harbinger

Series B in 2025
Harbinger is a commercial electric vehicle (EV) company dedicated to innovating the medium-duty vehicle industry. The company specializes in developing proprietary vehicle technologies tailored for commercial applications, which are designed to meet the increasing demand for environmentally friendly transportation solutions. Harbinger's expertise in EV, battery, and drivetrain technologies enables it to create a unique EV platform that does not come with a typical acquisition premium, thereby making it accessible to a wider market. Their focus on chassis architecture emphasizes safety, driver experience, and productivity, incorporating features such as autonomous-ready drive-by-wire steering and ergonomic improvements. Through these advancements, Harbinger aims to modernize medium-duty vehicles while enhancing overall driving enjoyment and reducing fuel consumption.

Lightship

Series B in 2024
Lightship is an early-stage hardware startup founded in 2020 by former Tesla employees, based in San Francisco. The company is focused on revolutionizing the recreational vehicle (RV) industry, which is valued at $26 billion, by developing an aerodynamic, battery-powered trailer. This innovative vehicle aims to provide an environmentally friendly alternative to traditional gas-powered RVs, alleviating issues such as noise, emissions, and range anxiety. By prioritizing sustainability, Lightship seeks to enhance outdoor travel experiences while promoting the preservation of nature. The company’s approach allows travelers to reduce fuel costs and minimize their environmental impact, making it easier to explore the outdoors responsibly.

Harbinger

Series A in 2023
Harbinger is a commercial electric vehicle (EV) company dedicated to innovating the medium-duty vehicle industry. The company specializes in developing proprietary vehicle technologies tailored for commercial applications, which are designed to meet the increasing demand for environmentally friendly transportation solutions. Harbinger's expertise in EV, battery, and drivetrain technologies enables it to create a unique EV platform that does not come with a typical acquisition premium, thereby making it accessible to a wider market. Their focus on chassis architecture emphasizes safety, driver experience, and productivity, incorporating features such as autonomous-ready drive-by-wire steering and ergonomic improvements. Through these advancements, Harbinger aims to modernize medium-duty vehicles while enhancing overall driving enjoyment and reducing fuel consumption.

Dragonfly Energy Holdings

Post in 2022
Dragonfly Energy is a technology company based in Reno, Nevada, specializing in the development and manufacturing of lithium-ion batteries. The company focuses on providing non-toxic deep cycle lithium iron phosphate (LFP) batteries, which serve as a sustainable alternative to traditional lead-acid batteries across various applications, including recreational vehicles, marine vessels, and solar energy systems. Dragonfly Energy's battery solutions are designed to enhance performance, safety, and cost-effectiveness, addressing the critical need for reliable energy storage in the renewable energy sector. The company is also advancing innovative manufacturing techniques for lithium-ion batteries, aiming to further reduce costs and improve accessibility for end users. With a commitment to making green energy more widely available, Dragonfly Energy is actively working towards the deployment of its cutting-edge battery technology.

Airxcel

Acquisition in 2021
Airxcel, Inc. is a manufacturer specializing in heating, ventilation, and air conditioning solutions for various applications, including recreational vehicles, telecommunications enclosures, and assisted living facilities. The company's diverse product offerings include air conditioners, furnaces, water heaters, cooking appliances, rooftop products, sealants, roller shades, and ventilation systems. With a workforce of over 800 employees, Airxcel operates three manufacturing facilities and five sales and distribution locations across the United States, enabling it to market its RV and HVAC products globally. The company is committed to providing innovative solutions tailored to the needs of its diverse customer base.

Tiffin Motorhomes

Acquisition in 2020
Tiffin Motorhomes is a manufacturer of luxury motorhomes based in Red Bay, Alabama. The company specializes in creating high-quality recreational vehicles that feature energy-efficient lighting, multiplex wiring, smart slides, and innovative dry step technology. Tiffin Motorhomes is also known for its craftsmanship, offering built components and artisans' woodwork that enhance the aesthetic and functional aspects of its vehicles. With a commitment to quality and comfort, Tiffin Motorhomes has established itself as a prominent player in the travel and tourism industry, catering to the needs of discerning travelers seeking premium motorhome experiences.

Hymer AG

Acquisition in 2018
Hymer AG is a prominent manufacturer of motorhomes and caravans based in Bad Waldsee, Germany. The company specializes in the design and production of recreational vehicles, catering to a diverse range of customer needs. With a focus on quality and innovation, Hymer AG has established itself as a key player in the recreational vehicle industry, providing solutions for outdoor enthusiasts and travelers seeking mobility and comfort. Through its commitment to craftsmanship and customer satisfaction, Hymer continues to enhance the experience of travel and exploration.

Jayco

Acquisition in 2016
Jayco, Inc. is a manufacturer of recreational vehicles based in Middlebury, Indiana, established in 1968 by Lloyd J. Bontrager. The company specializes in a variety of towable and motorized vehicles, including camping trailers, travel trailers, fifth wheels, motor homes, and toy haulers. Jayco operates through a network of dealers across the United States and Canada, offering a range of products that reflect its commitment to quality and innovation. The company has also expanded its offerings to include official gear, accessories, and apparel for both men and women, available through its eStore. Founded with a vision of treating all stakeholders as family, Jayco has grown significantly over the decades, employing nearly 1,600 individuals and serving a broad customer base.

Postle Aluminum

Acquisition in 2015
Postle Aluminum is a manufacturer and distributor of aluminum extrusion products based in Elkhart, Indiana. The company specializes in a wide range of offerings, including architectural angles, bar stock, various types of channels, structural I-beams, schedule pipes, solid rods, and a variety of tubing shapes such as round, square, and rectangular. Additionally, Postle Aluminum produces cargo trailers, fences, railings, and sign shapes, alongside providing fabrication and finishing services, including powder-coating. The company serves a diverse clientele, delivering high-quality aluminum products tailored to various industrial and commercial needs.

K-Z

Acquisition in 2014
K-Z, Inc. is a manufacturer of recreational vehicles based in the United States, specializing in products that connect families with the outdoors. The company offers a range of towable recreational vehicles, including travel trailers, fifth wheels, travel trailer toy haulers, fifth wheel toy haulers, and truck campers. By providing these diverse options, K-Z, Inc. aims to enhance the recreational lifestyles of families, enabling them to embark on adventures and enjoy outdoor experiences. The company's products are distributed through a network of dealers, ensuring accessibility for customers seeking quality recreational vehicles.

Bison Coach

Acquisition in 2013
Bison Coach, LLC is a manufacturer of horse trailers based in Milford, Indiana. The company produces a variety of trailer models, including aluminum bumper pull and steel living quarter horse trailers. These trailers come in different sizes and offer various features, ranging from basic conveniences to luxurious amenities. Bison Coach's products are distributed and serviced through a network of dealers across the United States.

Livin' Lite RV

Acquisition in 2013
Livin' Lite Recreational Vehicles LLC, based in Shipshewana, Indiana, specializes in the manufacture of all-aluminum constructed ultra lightweight recreational vehicles. The company's product offerings include tent campers, truck campers, sport utility trailers, automotive campers, jeep extreme campers, travel trailers, and ultra lightweight toy haulers. Livin' Lite distributes its products through a network of dealers and distributors, catering to a variety of outdoor enthusiasts seeking durable and lightweight camping solutions.

Heartland Recreational Vehicles

Acquisition in 2010
Heartland Recreational Vehicles, LLC, based in Elkhart, Indiana, is a manufacturer of a diverse range of recreational vehicles designed for outdoor enthusiasts. The company specializes in luxury fifth-wheel models, which feature lighter construction and five-star accommodations, making them suitable for towing with short-bed and extended-cab trucks. In addition to fifth wheels, Heartland produces a variety of other recreational vehicles, including lightweight trailers, travel trailers, destination class models, mid-profile fifth wheels, and both standard and luxury toy haulers. These products are available through authorized dealers across the United States and Canada, catering to customers seeking comfort and convenience for extended stays outdoors.

SJC Industries

Acquisition in 2010
SJC Industries Corp. designs, engineers, and manufactures ambulances under the brands McCoy Miller, Marque, and Premiere.

Goshen Coach

Acquisition in 2005
Goshen Coach, Inc. specializes in manufacturing small to medium-sized buses, providing tailored transportation solutions for a variety of sectors, including assisted living facilities, churches, higher education institutions, public transit systems, and tour groups. The company focuses on producing specialty vehicles designed for the commercial bus industry, ensuring that their products meet the specific needs of their diverse customer base. Goshen Coach serves its clients through a network of dealers, facilitating access to its transportation solutions across different markets.

CrossRoads RV

Acquisition in 2004
CrossRoads RV is a manufacturer specializing in the development and production of recreational vehicles. The company offers a diverse range of towable products, including lightweight trailers, travel trailers, fifth wheels, toy haulers, and destination trailers. CrossRoads RV distributes its vehicles through a network of dealers across the United States and internationally, catering to the growing demand for recreational travel and outdoor adventures.

Damon Corp.

Acquisition in 2003
Damon Corp. specializes in the manufacture of motor homes, offering a diverse range of products to cater to various consumer needs. Their lineup includes the Daybreak, an affordable Class A motorhome, and the Challenger, which is known for its stylish and powerful design. The Intruder is an elegant gas-powered Class A motorhome, while the Ultrasport is a luxurious front-door diesel pusher. Additionally, the Escaper is a feature-packed, raised-rail diesel bus designed to provide an exceptional recreational vehicle experience. Damon Corp. aims to deliver quality and innovation in the motorhome market.

Keystone RV Company

Acquisition in 2001
Keystone RV Company is the leading manufacturer of recreational vehicles in North America, specializing in a wide range of towable products including travel trailers, fifth wheels, and toy haulers. The company offers various models, from ultra-lightweight trailers that can be towed by smaller vehicles to luxurious fifth wheels designed for comfort and convenience. Keystone's extensive production capabilities allow it to provide high-quality features at competitive prices, making it a preferred choice among consumers. With manufacturing facilities located in Indiana and Oregon, Keystone is well-positioned to meet the needs of its customers. The company maintains a robust network of nearly 1,000 dealer locations across the U.S. and Canada, ensuring accessibility for potential buyers. Keystone's diverse lineup includes well-known brands such as Montana, Cougar, Outback, Springdale, and many others, all recognized for their value and innovative designs in the RV market.
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