Thetford Corp., a manufacturer of toilets and sanitation products for recreational vehicles with in-house injection molding and mold making, is being passed from one New York-based private equity firm to another.
Monomoy Capital Partners is acquiring the company from The Dyson-Kissner-Moran Corp., according to a news release.
Financial terms of the transaction were not disclosed.
Thetford, which is based in the Netherlands with its North America base in Ann Arbor, Mich., supplies toilets, holding tanks, refrigerators and cleaning products for RVs and boats. It has more than $500 million in annual revenue and more than 1,800 employees. It employs 700 in the U.S.
Thetford also owns B&B Molders Inc., a Mishawaka, Ind. B&B says it has 15 injection molding and in-house tooling, producing parts for RV systems.
Its primary customers are original equipment manufacturers, but it also does business with dealers, distributors and retailers.
"We look forward to growing the business organically as well as through M&A 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," Justin Hillenbrand, co-CEO of Monomoy, said in the release.
The RV industry has boomed during the COVID-19 pandemic as widespread lockdowns and layoffs left many people with more free time and the itch to hit the road. Like traditional automakers, the RV industry has also struggled with supply chain problems, production pauses and lack of inventory.
Dyson-Kissner-Moran acquired Thetford more than 30 years ago and will retain a "meaningful equity interest" in the company, according to the release.