Heartland RV, which makes travel trailers and fifth wheels, will retain its own name and brands, remain headquartered in Elkhart, Indiana, and continue to be led by its current management team, including CEO Brian Brady. Heartland has more than 1,000 employees and has become one of the largest manufacturers of towable RVs. It recently acquired the towable brands of Fleetwood Enterprises.
Heartland was founded in 2003 and became an investment of Catterton Partners in 2007. Under the transaction with Thor, Catterton received $100 million and 4.3 million shares of Thor stock.
Heartland RV ranks third in fifth wheel sales and sixth in travel trailer sales this year, according to market data from Statistical Surveys.
With the acquisition by Thor, Brady as Heartland CEO will report to Ron Fenech, Thor’s group president. Brady said that becoming part of the Thor family will benefit Heartland. “Under Thor’s ownership, we will have access to increased financial and operational resources, which will enable us to continue our strong momentum in the marketplace,” he said.
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