Thor Industries Inc. announced it has acquired Elkhart, Ind.-based Postle Operating LLC, dba Postle Aluminum Co., effective today (May 1). The total purchase price, paid in cash, is approximately $144 million, subject to post-closing adjustments.
“We are pleased to welcome Postle to the Thor family. As a key supplier to our industry, Postle has built a longstanding reputation for quality and service in aluminum extrusions and specialized components that set the standard for the industry,” said Bob Martin, Thor president and CEO, in a statement. “We expect that Postle will continue to operate independently like our other subsidiaries, which is made possible because of our decentralized structure. This structure will enable Postle to continue serving their valued recreational vehicle and other customers with quality extrusions as they have done so well for the past 40 years.”
Founded in 1974, Postle has been producing extruded aluminum and specialized components for the recreational vehicle and other industries. Postle’s offerings include a broad range of aluminum extrusions, powder coating and painting services, as well as specialized component fabrication. Postle generated sales of approximately $220 million in calendar year 2014 from four divisions located in northern Indiana and southwestern lower Michigan. The newly acquired business will be operated as a single, separate subsidiary of Thor and the existing management team and employees will remain with the business.
“We are pleased to be acquired by Thor, a company that shares our vision for excellence,” said Kevin Robinson, Postle president and CEO. “As a Thor subsidiary, we will have the autonomy to continue operating our business and serving our broad customer base as we have in the past, but we will also have a strong financial partner to support our long-term growth objectives. As a result, we expect to strengthen our relationships within the RV and other industries we serve by continuing to provide the high-quality extruded aluminum products, with just in time delivery, that our customers have come to expect.”