THOR Industries’ $750 Million Acquisition of Airxcel RV Group

Kirkland & Ellis advised L Catterton and its portfolio company, Airxcel, on the deal.

L Catterton, the largest global consumer-focused private equity firm, announced that its portfolio company Airxcel has sold its RV Group to THOR Industries, Inc. (NYSE: THO) (“THOR”) for an all-cash purchase price of $750 million, subject to standard post-closing adjustments. Airxcel’s retained segment will become AirX Climate Solutions, Inc., a pure-play leader, designer, manufacturer, and distributor of the most functionally critical products for specialty HVAC markets. 

THOR Industries drew $625 million under the $1 billion facility received from JPMorgan to finance the acquisition of AirX Intermediate.

Airxcel began in 1991 as a divesture of the Coleman RV Air Conditioner division. The company has continued to grow through innovative product development, market expansion, and strategic acquisitions.

With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm.

The Kirkland team was led by corporate partners Andrew Kimball (Picture) and Joshua Kogan and associates Adam Wojcik and Scott Myers, tax partners Vincent Thorn and Vivek Ratnam and associate Grant Newman, executive compensation partner Kate Coverdale and associate Deidre Kalenderian, debt finance partner Kathryn Leonard, technology & IP transactions partner Matt Lovell and associates Jeffrey Seroogy and Melissa Moreno, and antitrust and competition partner Katherine Rocco and associate Sarahi Constantine.

Involved fees earner: Sarahi Constantine Padilla – Kirkland & Ellis; Katherine Coverdale – Kirkland & Ellis; Deidre Kalenderian – Kirkland & Ellis; Kathryn Keves Leonard – Kirkland & Ellis; Andrew Kimball – Kirkland & Ellis; Joshua Kogan – Kirkland & Ellis; Matthew Lovell – Kirkland & Ellis; Melissa Moreno – Kirkland & Ellis; Scott Myers – Kirkland & Ellis; Grant Michael Newman – Kirkland & Ellis; Vivek Ratnam – Kirkland & Ellis; Katherine Rocco – Kirkland & Ellis; Jeffrey Seroogy – Kirkland & Ellis; Vincent Thorn – Kirkland & Ellis; Adam Wojcik – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Airxcel; L Catterton;

Author: Martina Bellini