Private Equity Firm Invests in Heartland RV
Elkhart, Ind.-based fifth-wheel builder Heartland Recreational Vehicles LLC today (Feb. 13) announced that it has received an equity investment from Catterton Partners, a private equity firm with a focus on middle-market consumer companies.
According to a press release, the capital investment will “support Heartland’s continued growth and record of product innovation.” Heartland’s founders will maintain a substantial ownership position in the company and will continue to lead its design, manufacturing, marketing, sales and customer service initiatives. Additional terms of the investment were not disclosed.
Since its founding in 2003 with the launch of the high-end Landmark fifth-wheel line, Heartland has continued to gain market share while expanding its product offerings. Today, the company offers four fifth-wheel model lines and two lines of sport utility recreation vehicles (SURVs).
“With the investment from Catterton, we at Heartland expect to get even better, not just bigger, while remaining true to our vision of building quality towables that meet the needs of today’s RV consumers,” said Brian Brady, Heartland chairman. “We have seen unprecedented demand for Heartland’s products from dealers and RV enthusiasts alike. With the financial resources and strategic insight provided by Catterton, we will be better able to thoughtfully meet this growing demand and propel Heartland to new heights – in design, innovation, product offerings, and customer service.”
“Heartland is a leader in towables, the most attractive segment of the RV industry,” said Scott Dahnke, managing partner of Catterton. “The company’s growth has been driven by a loyal group of satisfied consumers and dealers. Like Heartland’s customers, we at Catterton were drawn to the differentiated benefits of the Company’s products. These unique attributes, together with the founders’ penchant for innovation and the quality of the management team overall, provide a foundation for continued success.”