Thor Industries’ €2.1 Billion Acquisition of Erwin Hymer Group

Advisors assisting Thor included: J.P. Morgan serving as lead financial advisor, Barclays serving as an M&A advisor, Baker McKenzie LLP acting as legal counsel and Ernst and Young providing transaction advisory services. J.P. Morgan and Barclays Capital are also providing Thor with fully committed financing. Macquarie Capital is serving as financial advisor to Erwin Hymer Group and Hengeler Mueller and Cravath are acting as legal counsel. Noerr, Paul Weiss Rifkind Wharton & Garrison, Latham & Watkins and Clifford Chance also advised on the deal.

Thor Industries, Inc. (NYSE:THO) and the shareholders of Erwin Hymer Group SE have entered into a definitive agreement for Thor to acquire Erwin Hymer Group, a privately held international company, for an enterprise value of approximately €2.1 billion, with the purchase price to be funded with cash and equity. Equity consideration will consist of approximately 2.3 million shares of Thor. The Hymer family will thereby remain engaged in the industry. The combination creates the world’s largest RV manufacturer, with the leading position in both North America and Europe, and establishes a global sales and production footprint for the Company.

Thor expects the transaction to be accretive to earnings in the first year, before taking into account anticipated synergies, purchase accounting adjustments and transaction-related expenses. Subsequent to closing, Thor intends to repurchase shares both opportunistically and systematically in order to offset the issuance of shares to the Hymer family.

Headquartered in Bad Waldsee, Germany, Erwin Hymer Group (EHG) is one of the premier manufacturers of recreational vehicles in a growing European market, with an impressive lineup of industry leading vehicle brands, a strong reputation for investing in product innovation and a dedication to providing exceptional customer value. EHG sells through a worldwide network of more than 1,200 retail dealerships and employs more than 7,300 dedicated team members globally. EHG’s product portfolio spans all major RV categories and price points, from lightweight travel trailers to high-end motorhomes. For the fiscal year ended August 31, 2018, the Erwin Hymer Group expects to generate revenues of over €2.5 billion (approximately $2.9 billion at current exchange rate).

Martin Brandt will continue to lead the Erwin Hymer Group business post-closing as its Chief Executive Officer, reporting directly to Thor’s Chief Executive Officer, Bob Martin. No changes in production facilities or employee levels are anticipated within EHG or Thor as a direct result of this transaction. The transaction has been approved by Thor’s board of directors and is expected to close near the end of the calendar year, subject to customary closing conditions, including regulatory and other necessary approvals.

Baker & McKenzie advised Thor Industries with a team including Emery Mitchell (Picture), Thorsten Seidel, Thomas Dörmer (M&A), Crews Lott, Michael Hamilton, Oliver Socher (Banking & Finance), Bernhard Trappehl (Employment), Dr. Rembert Niebel (IP&IT), Tim Heitling (Pubblic Law), Brooke Mestre, Holger Engelkamp, Daniel Neudecker, Tanner Bodin, Daniel Bork (M&A), Marta Zuliamis, Astrit Rexhaj (Banking & Fiannce), Andreas Jauch (IP&IT), Claire Dietz-Polte, Maximilian Voll (Public Law)

Ernst & Young advised Thor with Matthias Franz (Tax)

Simpson Thacher & Bartlett advised J.P. Morgan in US.

In Germany Mayer Brown advised JP morgan with Martin Heuber.

Hengeler Mueller advised Hymer both on the sale and on the preparation of an IPO (dual track) with a team including Hans-Jörg Ziegenhain and Daniel Möritz (both M&A, Munich) and included partners Markus Röhrig (Antitrust, Brussels), Matthias Scheifele (Tax, Munich), Dirk Uwer (Public Law, Düsseldorf), Daniel Weiß (Financing, Frankfurt), counsel Gunther Wagner (Tax, Munich), Peter Dampf (Financing, Frankfurt) and Andrea Schlaffge (IP, Düsseldorf) as well as associates Jakub Lorys, Johannes Baumann, Aris Miro Marinello, Thomas Daniel Weierer, Florian Alexander Dendl (all M&A, Munich), Sebastian Adam (Tax), Alexander Wellerdt (Financing) (both Frankfurt), Deniz Tschammler (Public Law, Berlin), Anja Balitzki (Düsseldorf) and Christina Wolf (Brussels) (both Antitrust).

The IPO team was led by partners Reinhold Ernst (Düsseldorf) and Simon Patrick Link (Munich) and included counsel Cecilia Di Ció (Frankfurt) (all Capital Markets).

Cravath advised Hymer with a team including Aaron M. Gruber, Mark I. Greene, Jeremy S. Lerner on M&A matters; partner Philip J. Boeckman on securities matters; and partner Margaret Segall D’Amico and senior attorney Jesse M. Weiss on antitrust matters.

EY advised with a team including Thorsten Ehrhard, Timo Rinne (Corporate), Harald Diebel, Robert Polatzky and Alexandra Römer (Tax).

Noerr advised KPS Capital Partners with Tibor Fedke, Alexander Ritvay, Robert Korndörfer (Corporate/M&A).

Paul Weiss Rifkind Wharton & Garrison advised KPS Capital Partners with Alvaro Membrillera, Angelo Bonvino (M&A).

Latham & Watkins advised Centerbridge with Oliver Felsenstein, David Walker, Leif Schrader (M&A), Stefan Süß (Tax), Susanne Decker, Sebastian Pauls (M&A).

Clifford Chance advised Cinven with Joachim Hasselbach.

Involved fees earner: Alvaro Membrillera – Paul Weiss Rifkind Wharton & Garrison; Angelo Bonvino – Paul Weiss Rifkind Wharton & Garrison; Aaron Gruber – Cravath Swaine & Moore; Mark Greene – Cravath Swaine & Moore; Jeremy Lerner – Cravath Swaine & Moore; Philip Boeckman – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; Tibor Fedke – Noerr; Alexander Ritvay – Noerr; Robert Korndörfer – Noerr; Martin Heuber – Mayer & Brown; Hans-Jörg Ziegenhain – Hengeler Mueller; Daniel Möritz – Hengeler Mueller; Jakub Lorys – Hengeler Mueller; Johannes Baumann – Hengeler Mueller; Aris Miro Marinello – Hengeler Mueller; Thomas Daniel Weierer – Hengeler Mueller; Markus Röhrig – Hengeler Mueller; Anja Balitzki – Hengeler Mueller; Christina Wolf – Hengeler Mueller; Matthias Scheifele – Hengeler Mueller; Gunther Wagner – Hengeler Mueller; Sebastian Adam – Hengeler Mueller; Dirk Uwer – Hengeler Mueller; Deniz Tschammler – Hengeler Mueller; Daniel Weiss – Hengeler Mueller; Peter Dampf – Hengeler Mueller; Andrea Schlaffge – Hengeler Mueller; Reinhold Ernst – Hengeler Mueller; Simon Patrick Link – Hengeler Mueller; Cecilia di Ció – Hengeler Mueller; Oliver Felsenstein – Latham & Watkins; David Walker – Latham & Watkins; Leif Schrader – Latham & Watkins; Sebastian Pauls – Latham & Watkins; Stefan Süss – Latham & Watkins; Susanne Decker – Latham & Watkins; Matthias Franz – EY Law; Thorsten Ehrhard – EY Law; Timo Rinne – EY Law; Harald Diebel – EY Law; Robert Polatzky – EY Law; Alexandra Römer – EY Law; Emery Mitchell – Baker McKenzie; Thorsten Seidel – Baker McKenzie; Thomas Dörmer – Baker McKenzie; Brook Mestre – Baker McKenzie; Holger Engelkamp – Baker McKenzie; Daniel Neudecker – Baker McKenzie; Tanner Bodin – Baker McKenzie; Daniel Bork – Baker McKenzie; Crews Lott – Baker McKenzie; Michael Hamilton – Baker McKenzie; Oliver Socher – Baker McKenzie; Marta Zuliamis – Baker McKenzie; Astrit Rexhaj – Baker McKenzie; Bernhard Trappehl – Baker McKenzie; Rembert Niebel – Baker McKenzie; Andreas Jauch – Baker McKenzie; Tim Heitling – Baker McKenzie; Claire Dietz-Polte – Baker McKenzie; Maximilian Voll – Baker McKenzie; Joachim Hasselbach – Clifford Chance;

Law Firms: Paul Weiss Rifkind Wharton & Garrison; Cravath Swaine & Moore; Noerr; Mayer & Brown; Hengeler Mueller; Latham & Watkins; EY Law; Baker McKenzie; Clifford Chance;

Clients: Cinven; JP Morgan; Centerbridge Partners; KPS Capital Partners, LP; Erwin Hymer Group SE; Thor Industries Inc.;