LOOK Trailers, a Bristol, Ind., cargo trailer company, purchased trade names and intellectual property along with limited assets of now defunct Pace American Enterprises Inc.
According to a press release, Look purchased the Pace brand Nov. 2 from Myron Bowling Auctioneers of Ohio as the high bidder at the federal bankruptcy court auction held in Chicago, Ill.
The former Illinois-headquartered Pace American Trailers closed manufacturing operations at its Middlebury, Ind., location and four additional manufacturing locations in August 2011 resulting in the loss of over 400 jobs nationwide.
LOOK Trailers opened for business in February of 2010 under the leadership of President Matt Arnold. According to Arnold, the “customer-focused company is financially stable with a strong balance sheet and seasoned management team with extensive experience in the trailer industry.”
LOOK currently produces enclosed cargo, utility and car trailers as well as custom-built trailers for specific customer needs. The LOOK brand and product lineup will remain independent as they revive the Pace American Brand in the coming months.
“Pace American has tremendous brand recognition that we know will be favorably received by our dealers and the retail public,” said Arnold. “We look forward to resuming production of the well-regarded Pace American and Cargo Express products as early as next month.”
Because there is capacity at its satellite manufacturing sites, LOOK will begin manufacturing these select Pace American products at facilities in Fitzgerald, Ga., Springville, Utah, and Phoenix, Ariz. LOOK is also partnering with the Elkhart County Economic Development Corp. and exploring the possibility of resumed operation of the former Pace American Trailer manufacturing facility in Middlebury.
“We are a small business, and we have been successful by staying close to our customers and delivering on their needs,” Arnold said. “At LOOK Trailers, we are still focused on being the best, not the biggest, trailer manufacturer in the industry and the Pace American acquisition will help us deliver even greater value to our customers.”
Pace American Enterprises Inc. is laying off more than 100 workers at its Middlebury, Ind., location.
Inside INdiana Business reported that in a letter to Indiana, the cargo trailer manufacturer says it has eliminated more than 250 positions among its five locations throughout the country.
Last year, the company sent a letter to the state indicating it may close in Middlebury. It also stated that it was selling all its assets, and that could prompt the closing of the Elkhart County operation.
A federal judge has granted three creditors’ request to pursue an involuntary Chapter 7 bankruptcy liquidation against Pace American. Court documents say the three are owed a total of $1.24 million.