Strategic add-on effectively doubles platform, strengthening RV capabilities while entering manufactured housing sector

Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the middle market, announced today that its portfolio company, Thetford Corporation, has acquired Dave Carter & Associates, Inc. (“DCA”), a leading distributor of electrical, plumbing and building supplies serving the recreational vehicle and manufactured housing industries. Monomoy is the first institutional investor in the family-owned business founded in 1978.

Headquartered in Ocala, Florida, DCA operates 11 distribution centers across the United States and Canada. Over nearly 50 years, the company has built a reputation for exceptional customer service and logistics expertise serving RV and mobile housing OEMs. DCA's broad product portfolio, which includes electrical components, plumbing supplies and building products, complements Thetford's existing sanitation and comfort product solutions for the RV market.

"Dave Carter & Associates has built an exceptional legacy of customer service and reliable logistics over nearly five decades," said Thetford CEO Stéphane Cordeille. "By combining DCA’s distribution infrastructure with Thetford’s product portfolio, we can provide builders and OEMs — many of whom are customers of both companies — with a more comprehensive product offering. This partnership strengthens our ability to serve customers in North America while supporting our continued global growth."

The acquisition represents a transformational milestone for Thetford since Monomoy's investment in December 2021, nearly doubling the size of its global operations. The combined business shifts Thetford's geographic mix toward the US, significantly strengthening the company's position in the world's largest RV market, while also expanding its reach in the manufactured housing sector. The transaction accelerates Thetford's strategic evolution toward world-class product design and distribution, enabling the company to better serve customers through a more comprehensive product suite and enhanced logistics capabilities.

"This transaction exemplifies Monomoy’s commitment to building value through strategic M&A and operational excellence for family-owned businesses,” shared Monomoy Founding Partner and Co-CEO Justin Hillenbrand. "DCA’s nearly 50 years of distribution expertise and established customer relationships create a significant value creation opportunity that can enable enhanced service levels and product offerings benefiting builders and OEMs across both industries. We look forward to working with the talented management teams at Thetford and DCA to provide resources and support that strengthen both businesses while maintaining the customer service excellence that has defined each company's success."

Ropes & Gray LLP served as legal counsel to Monomoy and Thetford. Houlihan Lokey served as the financial advisor to Dave Carter & Associates.

About Monomoy Capital Partners

Monomoy Capital Partners is a private investment firm with over $5 billion in assets under management across a family of investment funds. Monomoy invests in the equity and debt of middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution and services companies across industrial and consumer product sectors in North America. Please see our website at www.mcpfunds.com for further information concerning Monomoy and its portfolio companies.

About Thetford Corporation

Thetford Corporation is a global leader in RV and marine sanitation and comfort products, offering a comprehensive portfolio that includes portable and permanent toilets, tank treatments, cleaning solutions, and maintenance accessories. Founded in 1963, Thetford serves customers worldwide, focusing on innovation, reliability and enhancing the travel experience on land and water. Headquartered in Ann Arbor, Michigan and Etten-Leur, Netherlands, Thetford operates across 65 countries globally. Please see Thetford's website at www.thetford.com/us for more information.

About Dave Carter & Associates, Inc.

Dave Carter & Associates is a national distributor of electrical, plumbing and building supplies serving the manufactured housing, recreational vehicle, commercial construction and specialty vehicle industries. Founded in 1978 by 2022 RV/MH Hall of Fame Inductee David Carter Sr. and headquartered in Ocala, Florida, DCA operates 11 distribution centers across the United States and Canada. The family-owned company serves OEM customers with a comprehensive product portfolio and a reputation for reliable inventory management and customer service. For more information, please visit www.davecarter.com.

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