Hymer (Bad Waldsee / Germany; www.hymer.com), the European market leader for recreational vehicles (RVs), has a new owner. Thor Industries (Elkhart, Indiana / USA; www.thorindustries.com), a US competitor of Hymer, is to pay approximately EUR 2.1 bn to the Hymer family, which has until now held all the group's shares. The purchase price is to be funded with cash and equity. With an interest of nearly 5% – currently worth around EUR 200m – the Hymer family will be one of the largest shareholders of the US company.

The combination results in the world’s largest RV manufacturer that has combined pro forma sales of around EUR 9 bn. The new entity has a workforce of approximately 25,000 and brings together 42 camper van, mobile home and caravan brands.

The Hymer family had been searching for an investor for a minority interest and had even been considering a stock market launch to expand in North America. The agreed complete takeover had initially not been on the agenda, as interest had apparently also been shown by financial investors, above all Centerbridge Partners. Subject to regulatory approval, the transaction is expected to close by the end of 2018.

Thor – with its popular "Airstream" caravan – posted sales in 2017 of USD 7.25 bn (EUR 6.3 bn) and pre-tax earnings of USD 556m. The German company is expecting to post fiscal 2017/2018 (ending 31 August) sales of EUR 2.5 bn, up from EUR 2.1 bn in the prior year, and an EBITDA of around EUR 250m. Hymer’s 23 brand-name companies such as Bürstner and Dethleffs manufacture composite side walls and roofs in-house. According to Thor, production facilities and employee levels are expected to remain unchanged.