Wednesday, July 04, 2007
WESTERN RV AND PILGRIM MERGE
RV Business
Friday, June 29, 2007
In a surprise development to most in the industry, Monomoy Capital Partners L.P. has agreed to merge Western Recreational Vehicles Inc. (Western RV), a manufacturer of high-end recreational vehicles based in Yakima, Wash., with Pilgrim International Inc., a mainstream towable manufacturer in Middlebury, Ind.
The transaction is expected to close in July.
“The merger expands the presence of both companies in the RV industry and combines the resources of the two, well-established and well-known brands,” the two companies stated in a joint release.
Focused on travel trailers and fifth-wheels, five-year-old Pilgrim has grown to become the 15th largest manufacturer in the towable arena and “has become a recognized leader for innovation and value” in those product categories, according to the release. Western RV, in turn, is an old-line, 36-year-old company specializing in the design and manufacture of “premium” Class A’s, fifth-wheels and truck campers.
Western RV also builds the automotive chassis for its products, making it one of only a few vertically integrated manufacturers in the industry. It also distributes and services its motorcoaches, including the Alpine Coach, a premier diesel pusher, through a network of independent U.S. and Canadian dealerships.
The new company will continue to operate facilities in both Yakima and Middlebury with a combined 750,000 square feet of production capacity and more than 750 employees, while its corporate team will operate out of Middlebury. Pilgrim Chairman Dave Hoefer, a product innovator, will serve as board chairman of the merged company, while Pilgrim President Steve Bennett assumes responsibilities as president and COO of the new entity. Richard Fish, an operating partner from Monomoy, will be CEO of the new firm.
“This merger is a very positive step for the combined organizations, its business partners and customers,” said Bennett. “Monomoy will provide substantial capital and management expertise for the merger and help us be more competitive in western U.S. markets. This is great news for our current and prospective dealer partners.”
“This is a great opportunity for both companies,” noted Hoefer, a 30-year RV industry veteran and co-founder of the industry’s Dutchmen, Four Winds and Pilgrim brands. “Our merger will allow us to grow faster in the western U.S. and bring new and innovative products to the market more quickly. I have never seen a more perfect fit.”
Following it’s 2006 acquisition of Western RV, the planned Western RV-Pilgrim merger is the second step in creating a presence in the RV industry for Monomoy, a private equity fund that makes controlling investments in middle market companies.
“We are excited to have the opportunity to expand our presence in the RV industry by merging Western RV with a well-established brand like Pilgrim,” said Philip Von Burg, a Monomoy principal. “Pilgrim is a great brand and has one of the strongest management teams in the industry. Steve Bennett, Dave Hoefer and Richard Fish will focus our company on industry issues while creating substantial value for our dealers and customers. We look forward to our continued growth with this merger and will continue to seek opportunities to be a substantial player in this $14 billion industry.”
Combined, the company will market Alpenlite fifth-wheels, Alpenlite truck campers, Alpine Coach motorhomes, Cirrus travel trailers, Defender ramp trailers, Legends travel trailers and fifth-wheels, Open Road fifth-wheels, Peak chassis, Pilgrim travel trailers and fifth-wheels, and Pilgrim Lite travel trailers.
Friday, June 29, 2007
In a surprise development to most in the industry, Monomoy Capital Partners L.P. has agreed to merge Western Recreational Vehicles Inc. (Western RV), a manufacturer of high-end recreational vehicles based in Yakima, Wash., with Pilgrim International Inc., a mainstream towable manufacturer in Middlebury, Ind.
The transaction is expected to close in July.
“The merger expands the presence of both companies in the RV industry and combines the resources of the two, well-established and well-known brands,” the two companies stated in a joint release.
Focused on travel trailers and fifth-wheels, five-year-old Pilgrim has grown to become the 15th largest manufacturer in the towable arena and “has become a recognized leader for innovation and value” in those product categories, according to the release. Western RV, in turn, is an old-line, 36-year-old company specializing in the design and manufacture of “premium” Class A’s, fifth-wheels and truck campers.
Western RV also builds the automotive chassis for its products, making it one of only a few vertically integrated manufacturers in the industry. It also distributes and services its motorcoaches, including the Alpine Coach, a premier diesel pusher, through a network of independent U.S. and Canadian dealerships.
The new company will continue to operate facilities in both Yakima and Middlebury with a combined 750,000 square feet of production capacity and more than 750 employees, while its corporate team will operate out of Middlebury. Pilgrim Chairman Dave Hoefer, a product innovator, will serve as board chairman of the merged company, while Pilgrim President Steve Bennett assumes responsibilities as president and COO of the new entity. Richard Fish, an operating partner from Monomoy, will be CEO of the new firm.
“This merger is a very positive step for the combined organizations, its business partners and customers,” said Bennett. “Monomoy will provide substantial capital and management expertise for the merger and help us be more competitive in western U.S. markets. This is great news for our current and prospective dealer partners.”
“This is a great opportunity for both companies,” noted Hoefer, a 30-year RV industry veteran and co-founder of the industry’s Dutchmen, Four Winds and Pilgrim brands. “Our merger will allow us to grow faster in the western U.S. and bring new and innovative products to the market more quickly. I have never seen a more perfect fit.”
Following it’s 2006 acquisition of Western RV, the planned Western RV-Pilgrim merger is the second step in creating a presence in the RV industry for Monomoy, a private equity fund that makes controlling investments in middle market companies.
“We are excited to have the opportunity to expand our presence in the RV industry by merging Western RV with a well-established brand like Pilgrim,” said Philip Von Burg, a Monomoy principal. “Pilgrim is a great brand and has one of the strongest management teams in the industry. Steve Bennett, Dave Hoefer and Richard Fish will focus our company on industry issues while creating substantial value for our dealers and customers. We look forward to our continued growth with this merger and will continue to seek opportunities to be a substantial player in this $14 billion industry.”
Combined, the company will market Alpenlite fifth-wheels, Alpenlite truck campers, Alpine Coach motorhomes, Cirrus travel trailers, Defender ramp trailers, Legends travel trailers and fifth-wheels, Open Road fifth-wheels, Peak chassis, Pilgrim travel trailers and fifth-wheels, and Pilgrim Lite travel trailers.
