Monomoy Capital Partners, a middle-market private investment firm, signed a definitive agreement to acquire Thetford Corp. from The Dyson-Kissner-Moran Corp (DMK).
The transaction remains subject to customary closing conditions and regulatory approval. DKM, a private investment company, owned Thetford for more than three decades and will retain a “meaningful equity interest” in the company, Monomoy stated.
Thetford employs more than 700 U.S. employees, and more globally.
Mary Pouliot, Thetford’s vice president of sales and marketing, said Monomoy Capital Partners is operationally focused with extensive resources to support Thetford’s future growth. Monomoy expressed plans to grow Thetford through acquisitions and organically.
“We believe we will be better positioned,” Pouliot said, “to continue to provide our customers with superior customer service, supply our customers with our existing portfolio of high-quality products and develop new innovative products in the future.”
Founded in 1963, Thetford is a global supplier of sanitation, refrigeration and cooking solutions for the RV and marine industries. Thetford operates in all major global markets and maintains facilities and offices in 10 countries worldwide. The company’s global headquarters are in Etten-Leur, Netherlands. Its U.S headquarters are in Ann Arbor, Michigan.
Thetford CEO Stéphane Cordeille will continue as the company’s global CEO, based in the executive leadership office in Etten-Leur.
“I look forward to partnering with the Monomoy team as Thetford enters the next phase in its evolution,” Cordeille said. “We are confident that their operational playbook, deep knowledge of our industry and end-markets and eagerness to further ingrain Thetford as the go-to supplier across the RV OEM and aftermarket channels will drive continued success going forward.”
The CEO said Thetford will continue to focus on product quality, innovation and service.
Monomoy co-CEO Justin Hillenbrand commended Thetford’s management team for building a global brand within the RV market with a long-standing, enthusiastic customer base.
“It has developed strong customer relationships driven by its focus on product quality and customer service,” Hillenbrand said. “We look forward to growing the business organically as well as through mergers and acquisitions, and believe Thetford is uniquely positioned to benefit from strong RV demand and an increasing RV installed base that will provide the opportunity to grow its aftermarket business for years to come.”
Thetford is the third platform investment from Monomoy’s fourth private equity vehicle, Monomoy Capital Partners IV, L.P. Monomoy has investments in some powersports market companies but only one that directly reaches the RV industry: Astro Shapes, which was acquired at the end of 2020.
Astro Shapes manufactures custom aluminum extrusions in more than 14,000 unique shapes and sizes and in several finishes. The company is an OE supplier of its components to the RV industry and residential/commercial windows and door manufacturers. With annual sales totaling around $235, Astro Shapes employs about 700 individuals at three facilities in Struthers, Ohio.
