THOR to Sell Digital Apps Business
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Elkhart-based THOR Industries (NYSE: THO) is divesting its digital application business, TH2Connect LLC, in a deal valued at $81 million. The platform, which operates as Roadpass Digital, consists of multiple applications that help RV owners find campgrounds, plan road trips, and locate overnight parking.
THOR says it has signed a letter of intent to sell a majority interest of the business to South Bend-based private equity firm Graham Allen Partners.
“We’ve accumulated invaluable learnings from operating a digital platform of this magnitude, positioning us to better understand the needs of customers in the digital age in a way that differentiates us from our competitors,” said Todd Woelfer, chief operating officer at THOR. “And as we move forward, THOR will be a customer of Roadpass to gain consumer insights and help serve the needs of THOR customers in improving their RV experiences.”
Roadpass Digital consists of Roadtrippers, Campendium, RVillage, Togo RV, Roadpass, and Overnight RV Parking.
THOR President and Chief Executive Officer Bob Martin says the platform has successfully attracted millions of users. Still, he acknowledges THOR is 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,” said Martin.
The companies expect to close the deal before the end of the month.