RV maker THOR Industries Inc (THO) said last Friday that it had signed a Letter of Intent to sell a majority interest in its digital application business, TH2 Connect LLC.
Private equity firm Graham Allen Partners, which specializes in building value through technology and digital transformation, will acquire a controlling interest in the business in an $81 million deal that is expected to close on or prior to April 30th.
“When we first created Roadpass Digital several years ago with our initial investment in TH2Connect, we had the foresight to see the fragmentation in the digital experience of RVers. Through Roadpass Digital, we helped fill that void and, in doing so, we opened the RV lifestyle to users who expect a great digital experience. As we’ve watched our user base grow into millions of users, we can see that our timing was right and our execution in the key components of Roadpass Digital has been successful,” Bob Martin, THOR’s President and Chief Executive Officer, said in a statement.
“Still, we recognize that, at our core, we are an RV company and not a software company. The sale of a majority position of Roadpass Digital comes at a time when it’s clear that Roadpass is positioned for great opportunities ahead, but it will require sustained amounts of focus and technology expertise to help it get to the next level. This transaction will enable us to maintain the focus of our capital and strategic initiatives on our core business, while allowing a knowledgeable and experienced partner to help Roadpass Digital continue to grow,” the CEO added.
“THOR did a remarkable job of seeing a gap in the industry, hiring a great team, and building a robust technology platform to connect with and provide better experiences for customers. As a technology-focused firm, we believe Graham Allen Partners can help Roadpass Digital achieve its peak potential,” Rob Klinger, Managing Director for Digital Infrastructure Investments at Graham Allen Partners, said.