Riverside, Calif.-based Pacific Coachworks Inc. announced today (Oct. 11) it has sold a major interest in the company. The significant capital infusion will allow the company to establish a new operating line to fund current and future products, according to a release.
Founded in July 2006 by Tom Powell and Dane Found, the mid-market towable manufacturer is best known for its line of Tango travel trailers, fifth-wheels and Outdoor Kitchen Slideout models.
“We are pleased we can now say with certainty that we will be able to continue to provide the quality RV products and service our dealers and customers have come to expect,” Found said.
The company currently builds three to four units daily, a number that Powell anticipates will more than double by spring 2011.
“Pacific Coachworks intends to use its stronger post-merger balance sheet, combined with access to new capital resources, to expand its business through growth and/or acquisition,” Powell said, noting that the company plans to roughly double employment from recent levels. Pacific Coachworks expects to reach 150 employees by the second quarter of 2011, mostly by rehiring staff impacted by the slowdown.
“We want to thank our dealers, suppliers and customers for their continued support throughout the difficult market these past two years,” he added.
Pacific Coachworks also is participating in a number of upcoming RV shows and expects to introduce an expansion of their Tango, Twist and Turbo product offerings later this year, including new advancements currently in development.