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Thor Paying $20M for No. 2 Ambulance Builder

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March 3, 2010 by   1 Comment

Thor Industries Inc. ¬†announced on Tuesday (March 2) its acquisition of SJC Industries, a privately held manufacturer of ambulances based in Elkhart, Ind., for approximately $20 million cash. Based upon SJC’s prior performance, the acquisition is expected to be accretive to earnings.

“We believe that SJC is currently the second largest manufacturer of ambulances in the United States,” according to a company press release. “Its brands include McCoy-Miller, Marque and Premiere, sold through a nationwide network of dealers. SJC has a strong, motivated management team and work force led by Chuck Drake, president, and Jim Evans, vice president of finance, who will continue in their management roles following the closing. Under Thor’s new ownership SJC will continue as an independent operation, in the same manner as Thor’s recreation vehicle and bus companies.”

Drake will report to Richard Riegel, Thor’s senior group president.

“The ambulance business is a natural fit with Thor’s bus and RV businesses. SJC is an innovator with a strong commitment to customer satisfaction. We believe their quality is the highest in the ambulance industry,” said Peter B. Orthwein, Thor chairman, CEO and president. “The relationship with Thor will bring many operational synergies to SJC including procurement and lean production processes, among others.”

Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.

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Comments

One Response to “Thor Paying $20M for No. 2 Ambulance Builder”

  1. THO Fan on March 3rd, 2010 10:58 am

    Very nice, albeit small acquisition for Thor. Given where they trade, anything they buy is extremely accretive. Surprised they haven’t been more aggressive over the last 18 months.

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