Thor Industries, Inc. announced Thursday that it plans to acquire Shipshewana recreational vehicle manufacturer K-Z, Inc.
The purchase price, which will be paid in cash, will be approximately $53.4 million.
"We are pleased to welcome K-Z to the Thor family. With a strong focus on value, service and quality, K-Z brings an exceptional way of doing business that really stands apart in the RV industry," said Bob Martin, Thor President and Chief Executive Officer.
"With an iconic and long-standing brand, K-Z has built a successful business over the past 40 years serving a diversified distribution network of more than 200 dealers that are strong business partners. At Thor, we recognize the success of K-Z and want to see that continue as we support the management team in the next phase of their growth."
K-Z generated sales of nearly $150 million last year with approximately 320 employees.
"Becoming a part of Thor allows us to continue to operate K-Z with the core values and relationships that have made us successful since our founding," said Daryl Zook, founder and Chief Executive Officer of K-Z.
"We understand the importance of partnering with a local Company that has strong roots in the RV industry and in our communities of northern Indiana. We share a strong commitment to product quality and excellent customer and dealer relationships that make Thor an ideal partner for K-Z."
The deal is set to close on May 1.