Thor Industries has acquired Elkhart-based supplier Postle Aluminum for $144 million, paid in cash, and subject to post-closing adjustments.
“I am very excited about Thor buying the company because Bob (Martin) and I have been acquaintances for 15 years. Thor is the largest in the industry,” Postle President Kevin Robinson said. “We’re planning on growing more, as far as geographically, and they have the balance sheet to support future plans that I have.”
The RV industry accounts for about 70 percent of Postle’s overall business. Martin said that Postle would continue to provide aluminum to other RV manufacturers and businesses outside the RV industry under Thor ownership.
“That’s a big part of their business,” Martin said. “We’re a large part, but the RV industry is a key component to their company, and we knew that going into it. That changes the dynamic a little bit, but as long as we’re a strong supplier, we definitely want to continue to supply the entire industry and potentially grow that if we can.”
Postle’s offerings include extrusions, powder coating and painting services, as well as specialized component fabrication. The company generated sales of approximately $220 million in calendar year 2014 from four divisions located in northern Indiana and southwestern Michigan.
Postle completed a $10 million expansion in April last year, and broke ground on an additional $8 million facility in Cassopolis, Mich., in September.
“It’s a great company with a great opportunity for us,” Martin said. “We’re a highly decentralized company, and Postle will simply be run as another subsidiary of Thor Industries, and for us, it was very important that we were able to bring in, with the acquisition, the (Postle) management team.”
Martin said he has known and worked with the Postle management team for years, and the addition of Postle’s leadership to Thor was a leading factor in the decision.
“A key component for us was being able to add high-quality talent to our management team, and that’s one thing Postle brought to the table,” Martin said