Thor Industries has announced the formation of a 50-50 joint venture with Tourism Holdings. The joint venture, called TH2, is committed to bringing the full benefit of digital connectivity and the sharing economy to RV owners around the world.
TH2 further announced that it has entered various agreements to acquire the following assets:
- Roadtrippers, a leader in road trip planning
- Roadtrippers Australasia, a provider of tourism and navigation services in Australia and New Zealand
- Cosmos, a digital platform for RV customer relationship and fleet management, product pricing, and booking and rental management
- Mighway, a leader in peer-to-peer RV rentals with operations in both New Zealand and the U.S.
- CamperMate, Australia and New Zealand’s top camping app
Thor’s initial investment in TH2 is expected to be approximately $50 million. The transaction is subject to usual and customary closing conditions, and TH2 anticipates completion by the end of February.
TH2 is a platform that includes trip-planning and booking, remote systems monitoring, roadside assistance, and peer-to-peer RV and campsite rental. The system will also streamline an owner’s record keeping and enable dealers and manufacturers to provide such support as triggered service notifications, online vehicle manuals and more.
Manufacturers, RV dealers and rental operators who utilize TH2’s services and products will see increased efficiencies in product pricing, service engagement and fleet management.
“Through this joint venture, we believe we can offer a variety of products and services that provide invaluable benefits, via digital connectivity, to an evolving consumer base,” said Bob Martin, Thor president and CEO. “We believe TH2’s digital platform will be a game changer for a new generation of RVers. This venture brings together our manufacturing experience with thl’s global RV expertise to deliver an industry-best collection of digital services tailored especially for RVers.”
TH2 will be headquartered in Cincinnati, Ohio, and Bob Wheeler, president and CEO of Airstream, will also serve as president of TH2.
Thor will reflect this joint venture using the equity method of accounting, beginning in the third quarter of fiscal year 2018.
“Our strategic plan continues to focus on making the appropriate investments in our manufacturing footprint, paying down our debt, assessing acquisition opportunities and increasing returns to our investors,” said Peter B. Orthwein, Thor executive chairman. “The joint venture announced today is an example of our ongoing efforts to enhance long-term shareholder value.”