Thor Industries will sell a majority stake in the company operating as Roadpass Digital to an Indiana-based private-equity firm.
Thor Industries launched TH2Connect LLC in 2018 as a joint venture with Tourism Holdings Limited. TH2Connect is a digital platform operating as Roadpass Digital. Roadpass Digital includes Togo RV, RVillage, Roadtrippers, Campendium, Roadpass and Overnight RV Parking.
Graham Allen Partners, a firm specializing in technology companies, will buy the majority stake for $81 million. The deal is scheduled to close on or before April 30 after Thor and Graham Allen Partners signed a letter of intent.
“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,” said Bob Martin, president and CEO of Thor. “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 have 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.”
Martin said Thor leadership recognized the company is an RV company and not a software company, and decided to sell when it was clear that Roadpass was positioned for great opportunities ahead.
“But it will require sustained amounts of focus and technology expertise to help it get to the next level,” he said. “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.”
Rob Klinger, managing director for digital infrastructure investments at Graham Allen Partners, praised Thor’s work in building the company.
“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,” Klinger said. “As a technology-focused firm, we believe Graham Allen Partners can help Roadpass Digital achieve its peak potential.”
Roadpass Digital CEO Danny Hest said Thor helped develop the company’s digital platform to include virtually anything an RVer needs to improve their experience.
“As we look ahead, the opportunity to grow with a majority investor with digital experience is exciting for Roadpass,” Hess said. “We expect this arrangement will allow our team to continue to innovate and deliver great experiences for RVers, campers, and road trippers.”
The joint venture began with a $47 million investment each from Thor and Tourism Holdings, Reuters reported.
“The sale price for a controlling interest in the business reveals the incredible value we have created in Roadpass Digital in what is a relatively short time in the life of a digital platform,” Thor Chief Operating Officer Todd Woelfer said. “We believe Graham Allen Partners is the right firm to help Roadpass Digital reach new levels of success and further scale the digital experience with RVers everywhere.”
