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Recreational vehicle maker Thor Industries Inc. said Friday that it agreed to acquire smaller peer Jayco Corp. for roughly $576 million in cash, expanding its offerings in towable RVs.
The move comes as RV sales have surged recently, with buyers tending to opt for smaller, less expensive models. Thor said it was particularly interested in bringing Jayco products, such as travel trailers and camping trailers, into its portfolio. Jayco’s Jay Flight has been the No. 1 selling travel trailer for the past 11 years, Thor said.
Jayco will operate as a subsidiary of Thor, with the existing management continuing to lead the business. Derald Bontrager, Jayco’s chief executive, said one of the things the company found “most attractive” about the tie-up was Thor’s decentralized business structure.