ELKHART — Two of the largest companies in the recreational vehicle industry have combined into one, following an announcement by Thor Industries that it has purchased Jayco Corp. for about $576 million.
The announcement was made this morning. Jayco, a 3,300-employee company based in Middlebury, is now a wholly owned subsidiary of Elkhart-based Thor. The purchase agreement was completed on Thursday, June 30.
The agreement means that Jayco, previously owned by the Bontrager family as a privately held company, is now part of a publicly traded company. Jayco’s existing management team will continue to lead the business.
“We are thrilled to welcome Jayco to the Thor portfolio of companies,” said Bob Martin, Thor President and CEO, in a release. “Jayco is a company that I have admired for more than 20 years while working in the industry and living in the community very close to their operations. We value the longstanding success of Jayco and are committed to providing the Bontrager family, and their team of dedicated employees, the resources they need to continue the success they have built at Jayco over the past half century.”
Wilbur Bontrager, chairman of the Board of Jayco commented, “Our family is very proud of the legacy we have established and nurtured over the past 48 years. As a family run and owned business, we view today’s transaction as an opportunity to continue growing our business while joining an even larger family.”
Derald Bontrager, president and CEO of Jayco stated, “The core values that are synonymous with Jayco and its brands shape the way we run our business, and these values will remain and guide us as we look to the future. One of the things we found most attractive about Thor was their decentralized business structure, which allows their subsidiaries to continue operating independently. Most importantly, within this structure, our current leadership team will continue to manage Jayco, just as we have been running it since our founding. We will continue with the same focus our father had on serving our dealers and consumers better than anyone else in the industry.”
Jayco generated profits of about $70 million on revenue of about $1.5 billion in 2015.
Check back later for additional details.