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Thor Industries Inc., Jackson Center, Ohio, announced today (Nov. 1) that the company acquired CrossRoads RV, a Topeka, Ind., builder of fifth wheels and travel trailers for approximately $27 million cash.
In a press release, Thor said CrossRoads woulde post sales this year of over $60 million, nearly doubling last year’s revenues. The acquisition was expected to add about 5 cents per share to Thor’s fiscal 2005 net income.
According to Statistical Surveys Inc., CrossRoads is the eighth largest fifth-wheel builder with 1,272 units through August, up 104% from 622 units last year. Thor said the acquisition gives the company a 35.8% market share in fifth wheels, larger than its next four competitors combined.
CrossRoads was founded in 1996 by longtime RV supplier Freeman “Fritz” Helmuth as a high-end towable manufactuer. Helmuth sold the company in 2000 to two former manufactured housing industry executives, Steve Snyder and Duane Rheinheimer
Last year, CrossRoads revamped its Silverado and Paradise Pointe towable lines and tripled the size of its manufacturing facilities with the opening in May of a new 50,000-square-foot factory.
Thor also announced it repurchased 323,200 shares of its stock in the quarter ended Oct. 31 as part of its 2 million-share buy-back. Thor will announce its sales for the quarter on Tuesday (Nov. 2).