Thor Industries Inc. has reached “an agreement in principle” to buy Class A motorhome manufacturer Damon Corp. for $46 million in cash, the New York Stock Exchange-listed company announced today (Aug. 19).
Thor had $91 million in cash on its balance sheet as of last April 30, according to a Securities & Exchange Commission filing by the company.
Damon, majority owned by Don Pletcher and based in Elkhart, Ind., has about $200 million in annual sales and is profitable, according to Thor Chairman Wade F.B. Thompson.
The Damon acquisition “provides us with a strong addition in diesel motorhomes, which accounts for 20% of Damon’s motorhome shipments,” Thompson said. “We expect to retain the Damon management team and to operate the company’s divisions autonomously.”
The deal is expected to close on Sept. 2 and is “subject to customary conditions.”