Houlihan Lokey Advises Dave Carter & Associates

Houlihan Lokey is pleased to announce that Dave Carter & Associates, Inc. (Dave Carter) has been acquired by Thetford Corp., a portfolio company of Monomoy Capital Partners (Monomoy). The transaction closed on September 29, 2025.

Dave Carter is a leading multiline distributor of critical electrical, plumbing, and building components to the recreational vehicle (RV), cargo trailer, specialty vehicle, manufactured housing (MH), modular builder, and commercial construction markets. Dave Carter has a world-class logistics network that serves as a critical connection point between suppliers and end customers. The company maintains a reputation for excellent customer service and provides critical vendor-managed inventory services for 99% of its customers, ensuring consistent and efficient production at customer locations. The company was founded in 1978 by 2022 RV/MH Hall of Fame Inductee David John Carter, Sr., and was owned by the Carter family prior to the transaction. The company has 11 distribution facilities across the U.S. and is headquartered in Ocala, Florida.

Monomoy is a New York City-based private equity firm founded in 2005, with more than $5 billion of assets under management. The acquiring entity, Thetford, was founded in 1963 and is a global supplier of sanitation, refrigeration, and cooking solutions for the RV and marine industries. Thetford operates in 65 countries globally and maintains facilities and offices in 10 countries worldwide. Thetford’s products are sold to original equipment manufacturers for use on new RVs, as well as into the aftermarket through multiple channels, including distributors, dealers, retailers, and e-commerce. Thetford’s global headquarters are in Etten-Leur, the Netherlands, and its U.S. headquarters are in Ann Arbor, Michigan.

The transaction brings together a leading global brand in RV products and systems innovation with a highly respected distributor focused on the North American manufactured housing and recreational vehicle markets.

Houlihan Lokey served as the exclusive financial advisor to Dave Carter and rendered a fairness opinion for the transaction. The deal team assisted in initiating, structuring, and negotiating the transaction on the company’s behalf. This transaction demonstrates Houlihan Lokey’s continued excellence and expertise in the RV and MH industries, in addition to the broader specialty vehicle space.

RELATED: Financial Sponsors Coverage, Automotive, Truck, and Automotive Technologies, Mergers & Acquisitions