Catterton Partners has sold a controlling interest in Heartland Recreational Vehicles to Thor Industries (NYSE: THO) for $100 million in cash and 4.3 million shares of Thor common stock, representing a total consideration of over $200 million. The company manufactures towable recreational vehicles and has been backed by Catterton Partners since 2007.
Since the beginning of 2009, 73 companies in the Automotive & Road industry have been involved in PE deals, according to the PitchBook Platform. There have been 29 completed or announced deals so far in 2010, putting this year's deal activity on pace with 2009's. By this point last year, 30 deals had been logged, and the year closed up with 44 deals. 2010, however, has been seeing larger deals, including the $1.3 billion buyout of American Tire Distributors by TPG Capital, which closed in June. Overall, the average deal size has leaped from $48.9 million up to $595.71 million. Of the 57 investors who invested in the industry during the same time period, the most active include American Industrial Partners and Investcorp, each with 5 deals.