Saturday, July 18, 2009
AIP COMPLETES IT'S PURCHASE OF FLEETWOOD'S MOTOR HOME DIVISION
From Greg Gerber of RVeNEWS:
NEW YORK -- American Industrial Partners Capital Fund IV, L.P. ("AIP") has completed the acquisition of the motorized recreational vehicle business 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.
Following company meetings with all associates in Decatur, Chuck Wilkinson, CEO of Fleetwood RV stated, "Our veteran workforce is enthusiastic and excited to return to their jobs building the best coaches in the industry."
John Draheim, president of Fleetwood RV, added, "We are confident that the new company can capitalize on the strength of the Fleetwood RV brand and strong relationships with the distribution channel that have been developed over the past 60 years."
"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. "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."
Wilkinson said, "We look forward to partnering with the American Industrial Partners team and have charted a going forward operating agenda focused on developing new and leading products, further improving our quality and service levels and our cost position."
Draheim noted that, "Our customers and dealers have been extremely loyal to us over the years and we expect to repay that loyalty by ensuring that they are afforded innovative products built with exceptional quality, all at affordable prices. Our near-term outlook has turned positive as our dealer inventories have bottomed and retail sales have accelerated in the past few months."
About American Industrial Partners
American Industrial Partners was founded in 1989 and is a private equity firm that makes control equity investments in mid-sized industrial companies that can benefit from the firm's systematic approach to implementing strategic and operational improvements. It is investing its fourth fund which recently closed with $405.5 million of committed capital.
NEW YORK -- American Industrial Partners Capital Fund IV, L.P. ("AIP") has completed the acquisition of the motorized recreational vehicle business 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.
Following company meetings with all associates in Decatur, Chuck Wilkinson, CEO of Fleetwood RV stated, "Our veteran workforce is enthusiastic and excited to return to their jobs building the best coaches in the industry."
John Draheim, president of Fleetwood RV, added, "We are confident that the new company can capitalize on the strength of the Fleetwood RV brand and strong relationships with the distribution channel that have been developed over the past 60 years."
"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. "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."
Wilkinson said, "We look forward to partnering with the American Industrial Partners team and have charted a going forward operating agenda focused on developing new and leading products, further improving our quality and service levels and our cost position."
Draheim noted that, "Our customers and dealers have been extremely loyal to us over the years and we expect to repay that loyalty by ensuring that they are afforded innovative products built with exceptional quality, all at affordable prices. Our near-term outlook has turned positive as our dealer inventories have bottomed and retail sales have accelerated in the past few months."
About American Industrial Partners
American Industrial Partners was founded in 1989 and is a private equity firm that makes control equity investments in mid-sized industrial companies that can benefit from the firm's systematic approach to implementing strategic and operational improvements. It is investing its fourth fund which recently closed with $405.5 million of committed capital.
Wednesday, July 15, 2009
RECALL: 2002-2006 EAGLE MOTOR HOMES: WORKHORSE CHASSIS: BRAKES
Vehicle Make / Model: Model Year(s):
UNIVERSAL SPECIALTY / EAGLE 2002-2006
Manufacturer: UNIVERSAL SPECIALTY VEHICLES, INC. Mfr's Report Date: JUN 23, 2009
NHTSA CAMPAIGN ID Number: 09V263000 NHTSA Action Number: EQ09004
Component: SERVICE BRAKES, HYDRAULIC
Potential Number of Units Affected: 12
Summary:
UNIVERSAL SPECIALTY IS RECALLING 12 MY 2002-2006 EAGLE CLASS A MOTOR HOMES EQUIPPED WITH AXLES THAT INCLUDE BOSCH ZOPS OR ZOHT PIN SLIDE HYDRAULIC DISC BRAKES. THE CALIPERS ON THESE BRAKES MAY STICK WHEN THE BRAKES ARE APPLIED, WHICH CAN RESULT IN ABNORMAL HEAT GENERATION AT THE WHEEL END CAUSING BRAKE DRAG.
Consequence:
IF THE BRAKE DRAG IS LEFT UNDETECTED,THE TEMPERATURE INCREASE AT THE WHEEL END CAN EVENTUALLY LEAD TO SOFT PEDAL CONDITIONS AND EXTENDED STOPPING DISTANCES, THEREBY INCREASING THE RISK OF A CRASH.
Remedy:
DEALERS WILL INSPECT AND REPLACE THE NECESSARY COMPONENTS FREE OF CHARGE. WORKHORSE IS HANDLING THE REMEDY AND OWNER NOTIFICATION FOR THIS CAMPAIGN PLEASE SEE 09V-110. OWNERS MAY CONTACT WORKHORSE AT 877-246-7731.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .
UNIVERSAL SPECIALTY / EAGLE 2002-2006
Manufacturer: UNIVERSAL SPECIALTY VEHICLES, INC. Mfr's Report Date: JUN 23, 2009
NHTSA CAMPAIGN ID Number: 09V263000 NHTSA Action Number: EQ09004
Component: SERVICE BRAKES, HYDRAULIC
Potential Number of Units Affected: 12
Summary:
UNIVERSAL SPECIALTY IS RECALLING 12 MY 2002-2006 EAGLE CLASS A MOTOR HOMES EQUIPPED WITH AXLES THAT INCLUDE BOSCH ZOPS OR ZOHT PIN SLIDE HYDRAULIC DISC BRAKES. THE CALIPERS ON THESE BRAKES MAY STICK WHEN THE BRAKES ARE APPLIED, WHICH CAN RESULT IN ABNORMAL HEAT GENERATION AT THE WHEEL END CAUSING BRAKE DRAG.
Consequence:
IF THE BRAKE DRAG IS LEFT UNDETECTED,THE TEMPERATURE INCREASE AT THE WHEEL END CAN EVENTUALLY LEAD TO SOFT PEDAL CONDITIONS AND EXTENDED STOPPING DISTANCES, THEREBY INCREASING THE RISK OF A CRASH.
Remedy:
DEALERS WILL INSPECT AND REPLACE THE NECESSARY COMPONENTS FREE OF CHARGE. WORKHORSE IS HANDLING THE REMEDY AND OWNER NOTIFICATION FOR THIS CAMPAIGN PLEASE SEE 09V-110. OWNERS MAY CONTACT WORKHORSE AT 877-246-7731.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .
RECALL: 2009 ROADTREK/CHEVROLET 2500: PROPANE FITTING LEAK
Vehicle Make / Model: Model Year(s):
ROADTREK / CHEVROLET 2500 2009
Manufacturer: ROADTREK MOTORHOMES INC. Mfr's Report Date: JUL 09, 2009
NHTSA CAMPAIGN ID Number: 09V264000 NHTSA Action Number: N/A
Component: EQUIPMENT:RECREATIONAL VEHICLE:LPG TANK ASSEMBLY
Potential Number of Units Affected: 23
Summary:
ROADTREK IS RECALLING 23 MY 2009 CLASS B MOTOR HOMES BUILT ON CHEVROLET 2500 VAN CHASSIS. THE PROPANE DISTRIBUTION SYSTEMS INSTALLED ON THESE VEHICLES MAY CONTAIN A DEFECTIVE BRASS TEE FITTING THAT HAS TOO SHORT OF A THREAD SUCH THAT, WHEN CONNECTED TO ANOTHER FITTING, THE CONNECTION BETWEEN THE TWO FITTINGS IS NOT COMPLETELY SEALED.
Consequence:
AN UNSEALED CONNECTION COULD RESULT IN A PROPANE LEAK, RESULTING IN A POSSIBLE FIRE HAZARD.
Remedy:
DEALERS WILL INSPECT AND REPLACE THE DEFECTIVE BRASS TEE CONNECTOR FITTING FREE OF CHARGE. THE RECALL IS EXPECTED TO BEGIN DURING JULY 2009. OWNERS MAY CONTACT ROADTREK AT 1-888-762-3873.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .
ROADTREK / CHEVROLET 2500 2009
Manufacturer: ROADTREK MOTORHOMES INC. Mfr's Report Date: JUL 09, 2009
NHTSA CAMPAIGN ID Number: 09V264000 NHTSA Action Number: N/A
Component: EQUIPMENT:RECREATIONAL VEHICLE:LPG TANK ASSEMBLY
Potential Number of Units Affected: 23
Summary:
ROADTREK IS RECALLING 23 MY 2009 CLASS B MOTOR HOMES BUILT ON CHEVROLET 2500 VAN CHASSIS. THE PROPANE DISTRIBUTION SYSTEMS INSTALLED ON THESE VEHICLES MAY CONTAIN A DEFECTIVE BRASS TEE FITTING THAT HAS TOO SHORT OF A THREAD SUCH THAT, WHEN CONNECTED TO ANOTHER FITTING, THE CONNECTION BETWEEN THE TWO FITTINGS IS NOT COMPLETELY SEALED.
Consequence:
AN UNSEALED CONNECTION COULD RESULT IN A PROPANE LEAK, RESULTING IN A POSSIBLE FIRE HAZARD.
Remedy:
DEALERS WILL INSPECT AND REPLACE THE DEFECTIVE BRASS TEE CONNECTOR FITTING FREE OF CHARGE. THE RECALL IS EXPECTED TO BEGIN DURING JULY 2009. OWNERS MAY CONTACT ROADTREK AT 1-888-762-3873.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .
