- Thor Industries Inc THO has acquired AirX Intermediate, Inc (Airxcel) for a purchase price of $750 million. Wichita, Kansas-based Airxcel is a maker of recreational vehicle parts and accessories that they sell to original equipment manufacturers (OEMs) and consumers via aftermarket sales through dealers and retailers.
- Thor expects the acquisition to be accretive to its fiscal year 2022 earnings.
- Airxcel generated about $680 million annual revenue, with roughly 80% from OEM sales and 20% from aftermarket sales.
- Thor funded the deal through a combination of cash-on-hand and $625 million from its expanded Asset-Based Credit Facility.
- Thor held $541.36 million in cash and equivalents as of July 31, 2021.
- Price Action: THO shares are trading higher by 3.35% at $117.23 on the last check Wednesday.
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