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Equity Firm IOP Expounds on Roadtrek Stake

April 26, 2011 by · Leave a Comment 

Jeff Hananmaayer, Roadtrek chairman

Jeff Hanemaayer, Roadtrek co-chairman

Industrial Opportunity Partners (IOP), an operations-focused private equity firm based in Evanston, Ill., today (April 26) announced its investment in Roadtrek Motorhomes Inc. The transaction was a recapitalization of the privately owned business in partnership with Roadtrek’s owner and senior management team, according to a news release.

Headquartered in Kitchener, Ontario, Canada, Roadtrek is North America’s leading designer and manufacturer of Class B motorhomes with more than 50% of the U.S. market. Roadtrek’s recreational vehicles are sold through a network of independent dealers in the United States, Canada and Japan.

IOP is partnering in its investment with the current sole shareholder, Jeff Hanemaayer, who will remain as co-chairman, as well as with other members of the company’s senior management team, all of whom will remain active in continuing to manage and grow the business.

In addition, Andy Weller, an IOP operating principal, will become a co-chairman, with Jim Hammill continuing to serve as president and a member of the Roadtrek board of directors. Weller, who has significant experience providing oversight and leadership to companies similar to Roadtrek, is a member of IOP’s Board of Operating Principals, which is comprised of seasoned executives who provide leadership to businesses in which IOP invests. To learn more about Weller’s business background click here.

Andy Weller, Roadtrek co-chairman

Andy Weller, Roadtrek co-chairman

Kenneth M. Tallering, senior managing director of IOP, said, “We look forward to partnering with Jeff, Jim and the rest of Roadtrek’s talented management team. Roadtrek is an established leader in the attractive Class B RV niche market and has built an excellent reputation for providing a well-designed and high-quality product.”

Added Weller, “Roadtrek’s focus on product design and quality has allowed it to maintain its leading market position for nearly two decades. I look forward to working closely with the Roadtrek team to continue to grow Roadtrek’s business and further enhance its reputation with its dealers and consumers.”

Hanemaayer said, “I, along with the Roadtrek team, are excited to partner with IOP. IOP brings both capital and substantial operational experience, which together will help our company continue to provide our customers with an unrivalled combination of product design, quality, efficient manufacturing and service.”

KPMG Corporate Finance Inc. represented Roadtrek and Hanemaayer in this transaction. TD Asset Finance and Export Development Canada provided financing for the acquisition.

About Roadtrek Motorhomes Inc.

Roadtrek is the leading manufacturer of Class B motorhomes, selling its motorhomes through a network of independent RV dealers in the United States, Canada and Japan. Roadtrek’s reputation as the market leader within the Class B motorhome niche has been established through a focus on delivering the highest value vehicles, providing innovative product designs, and manufacturing vehicles of the highest quality available. The company’s commitment to quality is evidenced by becoming the first motorhome manufacturer in North America to obtain registration to the rigorous international standard ISO9001:2000(E). For more information, visit Roadtrek’s website at www.roadtrek.com.

About Industrial Opportunity Partners

IOP is a private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million.

IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses. For more information, visit IOP’s website at www.iopfund.com.

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Sun Capital Wins Bid for Pace American Assets

June 17, 2010 by · 1 Comment 

Sun Capital Partners Inc., a private equity capital firm based in Boca Raton, Fla., has reportedly emerged as the high bidder for the assets of cargo trailer maker Pace American Inc.

The firm’s bid exceeded the bid of Industrial Opportunity Partners (IOP), another private equity firm based in Evanston, Ill. IOP was identified as the “stalking horse” leading up to the “Article 9″ auction of Pace American assets on Tuesday (June 15) in Chicago. The amount of either bid was not revealed.

Pace American, based in Bannockburn, Ill., operates cargo trailer plants in Indiana, Texas, Oregon, Georgia and Utah.

Officials with Pace American, IOP and Sun Capital were unavailable for comment.

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Pace American May Shutter Indiana Factory

June 7, 2010 by · Leave a Comment 

Pace-American-logoCargo trailer manufacturer Pace America may close its manufacturing facility in Middlebury, Ind., potentially costing 150 workers their jobs, according to the Indianapolis Business Journal.

Pace American Inc. notified the state of the possible closing late last week, saying it is in the process of selling its business operations and assets.

“While it is our hope that Pace American’s business operations will continue without interruption throughout the sale process, we believe there is a possibility that this sale may force [the company] to close the facility,” CEO Jim Tennant wrote in a letter to the State Department of Workforce Development.

If the northwestern Indiana plant closes, the decision is likely to be permanent, he wrote. Pace American’s facility employs 118 hourly and 32 salaried workers. The company has other facilities in Texas, Utah, Georgia and Oregon.

The closing would be another blow for Elkhart County, where 14.1% of the work force was unemployed in April, the last month for which state statistics are available. Its unemployment rate is the highest in Indiana and last year reached nearly 20% to lead the nation, drawing the attention of President Barack Obama.

Last week, Industrial Opportunity Partners (IOP), a private equity firm based in Evanston, Ill., surfaced as a “stalking horse” in the sale of assets of Pace American Inc.

A June 15 “Article 9″ auction has been scheduled in Chicago to sell the assets of Pace American, but IOP has submitted a bid in advance of the auction, making it the “stalking horse” in the proposed sale. The value of its bid was not revealed. IOP will become the new owner of Pace American’s assets, unless another firm comes forward and submits a bid of at least $750,000 higher than IOP’s, according to a notice publicizing the sale.

The deadline to submit a bid is 1 p.m. EST Friday (June 11).

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Illinois Firm May Purchase Pace American Inc.

June 2, 2010 by · 1 Comment 

Pace American logoIndustrial Opportunity Partners (IOP), a private equity firm based in Evanston, Ill., has surfaced as a “stalking horse” in the sale of assets of Pace American Inc., a cargo trailer manufacturer with plants in five states.

A June 15 “Article 9″ auction has been scheduled in Chicago to sell the assets of Pace American, but IOP has submitted a bid in advance of the auction, making it the “stalking horse” in the proposed sale. The value of its bid was not revealed. IOP will become the new owner of Pace American’s assets, unless another firm comes forward and submits a bid of at least $750,000 higher than IOP’s, according to a notice publicizing the sale.

The deadline to submit a bid is noon CST June 11.

The Private Bank and Trust Co., an Illinois-based bank, is Pace American’s lead bank, which is orchestrating the auction to keep Pace American a going concern.  In Article 9 sales, lenders typically do not expect to recoup the total amount owed to them, but such sales are viewed as the best alternative under the circumstances.

Pace American is headquartered in Middlebury, Ind., and has a plant there as well as in Fitzgerald, Ga., Lebanon, Ore., Hurricane, Utah, and McGregor, Texas.

If its bid prevails, IOP reportedly intends to maintain the Pace American name and keep the management team intact.

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