Thor Subsidiary Heartland Buying Cruiser and DRV

TravelTiger

Founding Texas-West Chapter Leaders-Retired
Re: Thor's Heartland Decision to buy DRV

Y'all beat me to the scoop! Here's another source.


[h=1]Thor Subsidiary Heartland Buying Cruiser, DRV[/h] Print
January 5, 2015 by RVBusiness Leave a Comment


Thor Industries Inc. today (Jan. 5) announced the acquisition of towable manufacturer Cruiser RV (CRV) and luxury fifth-wheel recreational vehicle manufacturer DRV by its Heartland Recreational Vehicles LLC subsidiary. According to a news release, the acquisition includes the purchase of equity interests as well as certain real estate used in the ongoing operations of the business. The total purchase price, paid in cash, is approximately $47.4 million, subject to post-closing adjustments.
With the acquisition by Heartland, Thor’s towable market share in combined travel trailer and fifth-wheel retail sales increases to 39.19%, according to Statistical Surveys Inc. President Tom Walworth, based on year-to-date reports through October. In addition, Walworth told RVBUSINESS.com that Thor’s share of the overall RV market grew to 36.03% as a result of the acquisition while Forest River’s overall total market share is a remarkably close 35.27%.
“We are pleased to welcome CRV and DRV to the Thor family. Cruiser RV has a long history of building lightweight travel trailers that appeal to a broad base of RV consumers, while DRV brings a strong presence in the high-end fifth-wheel market,” said Bob Martin, president and CEO of Elkhart, Ind.-based Thor. “We see a number of opportunities to leverage Thor’s strength in purchasing and distribution to the CRV and DRV businesses, while utilizing their existing market strengths to enhance our overall position in lightweight travel trailers, which has been one of the fastest-growing segments of the RV market, as well as luxury fifth-wheels, where we previously had a more limited presence.”
Founded in 2002, Cruiser RV and DRV will maintain their current production facilities, workforce and management team after the acquisition. The combined companies generated sales of approximately $135 million in calendar year 2014 and employ 300 people at three Howe, Ind., area plants totaling more than 350,000 square feet of production space with some shared administrative services such as customer service, accounting and human resources. The newly acquired operations will become a part of Thor’s Heartland subsidiary with a management structure reporting to Heartland President Chris Hermon.
“We are excited by the opportunities we see as we welcome Cruiser RV and DRV to Heartland. With a successful history, solid production infrastructure, talented workforce and strong dealer base, there will be a number of broad-based benefits to this acquisition,” said Hermon. “With their production base in Howe and LaGrange, about 35 miles from Elkhart, CRV and DRV have a more stable workforce that is less affected by the recent tight labor conditions we’ve seen in Elkhart. In addition, as we look to grow our combined business over the long-term, we will have ample space to expand operations in Howe as demand increases, a luxury unavailable to Heartland at its existing production complex.”
“At CRV and DRV, we are excited about teaming up with such strong financial partners as Thor and Heartland. They share our vision for continuing to provide our dealers and consumers with great products and reliable service. This transition offers us great potential to grow our businesses,” said David Fought, CEO of CRV and DRV.
Jeff Fought, president of CRV, added, “Thor has a strong history of successful acquisitions in our industry. Partnering with Heartland gives us the opportunity to continue our record of outstanding performance while maintaining the culture and leadership that has driven our success.”

 

jjwink

Well-known member
Re: Thor's Heartland Decision to buy DRV

So will we have Heartland/ Landmarks or DRV's? Think it will be a good merger.
 

jayc

Texas-South Chapter Leaders
Re: Thor's Heartland Decision to buy DRV

I have been reading about a decline in QC at DRV fir awhile, so perhaps this will be a good thing for everyone. It brings up lots of new possibilities.
 

Rob_Fla

Active Member
Re: Thor's Heartland Decision to buy DRV

So will Jim B's next demo coach be a Landmark or a Mobile / Elite Suites ?
 

jmgratz

Original Owners Club Member
Re: Thor's Heartland Decision to buy DRV

We still love our Landmark. Pretty soon all of Northern Indiana will belong to Heartland RV. LOL
 

fredwrichardson

Past New Mexico Chapter Leader
We looked at DRVs when we were looking for a 5th wheel. They are very nice and are really a product for full timers. We bought a Landmark Ashland for we wanted a product that could be used by a full timer (we are not) but also had ungraded options like induction cooktops, tons of storage (more than the DRV) in the kitchen, a dishwasher and I think a nicer and more modern look than the DRV. We also have a dealer that is 1.5 hours away to service the Ashland. The DRV dealer went out of business in New Mexico last year. My point is they are both good products and I believe that with the Heartland dealer network will make DRV even a better product but we still love our Ashland and I believe the products cater to different markets.
 

here4now

Member
Re: Thor's Heartland Decision to buy DRV

I know it's still very early in the process; but since DRV will fall under Heartland, does anyone have any idea if and when DRV might be included in this forum?
 

jbeletti

Well-known member
Re: Thor's Heartland Decision to buy DRV

I know it's still very early in the process; but since DRV will fall under Heartland, does anyone have any idea if and when DRV might be included in this forum?

Hi there an welcome to the Heartland Owners Forum. It is my understanding that DRV will be run apart from other Heartland brands. That coupled with the fact that Suites Owners have their own club and forum, I don't envision a day where we'd combine forums or even add DRV brands to this forum.

That said, you and all Suite owners are more than welcome to participate in the Heartland Owners Forum. We'd also love to meet more of you down the road. We do allow "some other brand" owners to join our "chapter rallies" for a modest fee (usually $20). Maybe see you down the road? :)
 

here4now

Member
Re: Thor's Heartland Decision to buy DRV

Hi there an welcome to the Heartland Owners Forum. It is my understanding that DRV will be run apart from other Heartland brands. That coupled with the fact that Suites Owners have their own club and forum, I don't envision a day where we'd combine forums or even add DRV brands to this forum...
Too bad about the forum. IMO, this is a better forum than the one for the Suites owners. I am impressed that company reps like yourself and product line managers participate directly in this forum. That to me is a huge plus.

I joined this forum a while back because we were looking at a couple of different Heartland products. We gravitated toward the Landmark, but the Landmark is in the midst of a complete redesign starting with the largest floorplans. Since the size 5th wheel we were interested in looked to be pretty far down the road and since we were ready to buy now, we ended up with SOB. As it turns out, we will be cousins after all, but it sounds like we will be only distant cousins.
 

jbeletti

Well-known member
Re: Thor's Heartland Decision to buy DRV

Too bad about the forum. IMO, this is a better forum than the one for the Suites owners. I am impressed that company reps like yourself and product line managers participate directly in this forum. That to me is a huge plus.

I joined this forum a while back because we were looking at a couple of different Heartland products. We gravitated toward the Landmark, but the Landmark is in the midst of a complete redesign starting with the largest floorplans. Since the size 5th wheel we were interested in looked to be pretty far down the road and since we were ready to buy now, we ended up with SOB. As it turns out, we will be cousins after all, but it sounds like we will be only distant cousins.

I appreciate your kind comments about the forum. And while this forum is not centered around DRV product, I invite you to continue to participate in it. Most towable RV products have a lot in common. You and others who own non-Heartland products may still be able to get a lot out of the technical aspects of this forum.

With regard to the SOITC forum, bear in mind that it's owned by the SOITC (Suite Owners International Travel Club, Inc.), a self-sponsored and self-supporting non-profit corporation that is neither part of, nor formally operated or managed by DRV. I feel it's important to respect the independent spirit of the SOITC and not meddle with it. This includes not creating yet another DRV forum, which I feel could cause division amongst DRV owners, SOITC members and SOITC forum users.

My 2 cents. Happy camping :)
 

WSKinVA

Member
Hello All,

Due to this news, i was wondering if the Heartland Owners Club is going to consider allowing the Cruiser RV brand owners to participate in membership.

As the owner of a FunFinder, i believe it fits right in... :)

Thank

Just announced by Thor. It will be interesting how this will effect both companies.
 

danemayer

Well-known member
Hi WSKinVA,

Welcome to the Heartland Owners Forum. Hard to say how things will turn out, but in the mean time, please feel free to participate here.
 

jbeletti

Well-known member
Hello All,

Due to this news, i was wondering if the Heartland Owners Club is going to consider allowing the Cruiser RV brand owners to participate in membership.

As the owner of a FunFinder, i believe it fits right in... :)

Thank

Hi there and welcome to the Heartland Owners Forum.

At this time, there are no plans to change the membership requirement for the Heartland Owners Club (must own a Heartland produced RV). I believe there is a club for the CRV brand.

This said, we'd love to have you as a guest at any of our "Chapter" rallies. We'd kindly ask for a $20 rally fee as we do of all owners of other brands that come to our chapter rallies at the invite of their Heartland friends or relatives.

Hope to see you around.
 

JWalker

Northeast Region Director-Retired
Hello All,

Due to this news, i was wondering if the Heartland Owners Club is going to consider allowing the Cruiser RV brand owners to participate in membership.

As the owner of a FunFinder, i believe it fits right in... :)

Thank

Love to have ya in PA!!
 
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