American Industrial Partners completes acquisition of Fleetwood RV
Published on 17 July 2009
American Industrial Partners has completed the acquisition of Fleetwood Motorized Recreational Vehicle Business, including the Goldshield Fiberglass Supply Business
American Industrial Partners Capital Fund IV, L.P. (“AIP”) has completed the acquisition of the motorized recreational vehicle business (“Fleetwood RV” or the “Company”) of Fleetwood Enterprises, Inc. The transaction was an asset purchase pursuant to a 363 bankruptcy sale process and included the Goldshield Fiberglass fabrication business. Fleetwood RV is one of North America’s leading manufacturers of Class A and Class C motorized recreational vehicles and has established one of the industry’s broadest and most respected distribution channels and product lines. Fleetwood RV will be jointly run by Chuck Wilkinson, CEO and John Draheim, President.
“AIP builds and invests in great American headquartered businesses and we believe Fleetwood RV represents an attractive investment opportunity. We are pleased to be partners with Chuck, John and all the talented associates at Fleetwood RV. We respect the long and successful history of the Company and greatly value the relationships that Fleetwood RV has with its dealers, customers, suppliers and associates and look forward to continuing and improving those relationships over time.” said Dino Cusumano, Partner at AIP. Mr Cusumano further commented that: “The Company’s headquarters and manufacturing operations will be in Decatur Indiana. We would like to thank the City of Decatur and the State of Indiana for their significant support during this process.” Paul Bamatter, Partner at AIP, commented that: “Fleetwood RV will be organized as a separate standalone company within our portfolio of companies. Fleetwood RV will have one of the best balance sheets in the industry with no third party debt and a significant cash balance at close.”
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