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

Co-Founder and Chairman

Todd Woelfer

SVP and COO

18 past transactions

Harbinger

Series B in 2025
Harbinger is a commercial electric vehicle company dedicated to innovating the medium-duty vehicle sector. The company specializes in developing advanced electric vehicle technologies, focusing on proprietary vehicle platforms tailored specifically for commercial applications. Its team comprises experts in electric vehicles, battery systems, and drivetrains who leverage their extensive experience to meet the rising demand for medium-duty EVs. Harbinger's unique chassis architecture enhances safety, driver experience, and productivity, incorporating features such as autonomous-ready drive-by-wire steering and improved vehicle ergonomics. By offering a first-of-its-kind EV platform with no acquisition premium, Harbinger aims to modernize the industry while promoting efficient and joyful driving experiences.

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 company dedicated to innovating the medium-duty vehicle sector. The company specializes in developing advanced electric vehicle technologies, focusing on proprietary vehicle platforms tailored specifically for commercial applications. Its team comprises experts in electric vehicles, battery systems, and drivetrains who leverage their extensive experience to meet the rising demand for medium-duty EVs. Harbinger's unique chassis architecture enhances safety, driver experience, and productivity, incorporating features such as autonomous-ready drive-by-wire steering and improved vehicle ergonomics. By offering a first-of-its-kind EV platform with no acquisition premium, Harbinger aims to modernize the industry while promoting efficient and joyful driving experiences.

Dragonfly Energy Holdings

Post in 2022
Dragonfly Energy is a technology company based in Reno, Nevada, specializing in the manufacturing of non-toxic deep cycle lithium-ion batteries. The company aims to replace lead-acid batteries across various applications, including recreational vehicles, marine vessels, and solar energy systems. Dragonfly Energy's lithium iron phosphate (LFP) batteries are designed to be environmentally friendly, avoiding the use of scarce metals and offering a cost-effective energy storage solution. In addition to standard battery packs, the company develops custom battery solutions and is advancing manufacturing technologies to further reduce costs and enhance efficiency. Their commitment to developing innovative energy storage options aligns with the growing demand for renewable energy solutions, positioning Dragonfly Energy as a key player in the transition to sustainable energy systems.

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 located in Red Bay, Alabama. The company specializes in producing high-quality motorhomes and offers a range of features, including energy-efficient lighting, multiplex wiring, smart slide systems, and dry step technology. Tiffin Motorhomes is also known for its craftsmanship, utilizing built components and artisans' woodcraft in its designs, ensuring that each vehicle meets the highest standards of quality and comfort for travelers.

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 based in Middlebury, Indiana, specializing in the development and production of towable and motorized recreational vehicles. Founded in 1968 by Lloyd J. Bontrager, the company initially started in humble settings, producing camping trailers with innovative designs that have influenced the industry. Jayco offers a variety of products, including camping trailers, travel trailers, fifth wheels, motor homes, and toy haulers, catering to the recreational needs of its customers. Additionally, the company provides official gear and apparel through its online store. Jayco distributes its products through a network of dealers across the United States and Canada, ensuring a wide reach in the market. Over the years, the company has grown significantly, employing nearly 1,600 people and serving over 25,000 customers annually, all while maintaining a commitment to family values and community.

Postle Aluminum

Acquisition in 2015
Postle Aluminum is a manufacturer and distributor based in Elkhart, Indiana, specializing in aluminum extrusion products. The company provides a wide range of products, including architectural angles, bar stock, structural channels, I-beams, pipes, solid rods, and various tube shapes. Additionally, Postle Aluminum offers services such as aluminum extrusion, fabrication, and powder coating, catering to diverse industries with specific needs. Their product lineup also includes cargo trailers, fences, railings, horse trailers, and custom sign shapes, reflecting their versatility in the aluminum processing sector.

K-Z

Acquisition in 2014
K-Z, Inc. is a manufacturer of recreational vehicles based in the United States, specializing in a range of towable products. The company produces travel trailers, fifth wheels, and toy haulers, as well as truck campers, designed to enhance outdoor experiences for families. By providing these recreational vehicles through a network of dealers, K-Z aims to facilitate adventures and promote an active lifestyle for its customers.

Bison Coach

Acquisition in 2013
Bison Coach, LLC is a manufacturer based in Milford, Indiana, specializing in horse trailers that feature living areas. The company produces a range of models, including luxury and convenience options, utilizing materials such as aluminum and steel. Bison Coach's product lineup includes aluminum bumper pull trailers and living quarter horse trailers, catering to various customer preferences. Their trailers 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. is a manufacturer of small to medium-sized buses, specializing in transportation solutions tailored for various sectors. The company produces vehicles designed for assisted living facilities, parking shuttles, churches, higher education institutions, public transit systems, and tour groups. Goshen Coach distributes its products through a network of dealers, ensuring that its specialty vehicles meet the diverse needs of the commercial bus industry.

CrossRoads RV

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

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 a leading manufacturer of recreational vehicles in North America, specializing in towable travel trailers, fifth wheels, and toy haulers. Renowned for a diverse range of products, Keystone offers options that cater to various preferences and towing capabilities, from lightweight travel trailers to luxurious fifth wheels. With manufacturing facilities located in Indiana and Oregon, the company leverages its significant production volume to provide high-quality features at competitive prices. Keystone's extensive dealer network, comprising nearly 1,000 locations across the U.S. and Canada, ensures that customers have convenient access to their products. The company’s brands, including Montana, Cougar, Outback, and Passport, are among the most recognized names in the RV industry, representing value and innovation for both seasoned and new RV enthusiasts.
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