Evanston, Illinois-based private equity firm Industrial Opportunity Partners has recapitalized privately held Roadtrek Motorhomes Inc. Roadtrek is based in Ontario, and is a designer and manufacturer of motorhomes and camper vans. Terms of the deal were not released. Industrial Opportunity Partners is partnering in its investment with the current sole shareholder, Jeff Hanemaayer, who will remain as co-chairman. Andy Weller, an IOP Operating Principal, will become a co-chairman.
Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced its investment in Roadtrek Motorhomes Inc. (“Roadtrek” or the “Company”). The transaction was a recapitalization of the privately-owned business in partnership with Roadtrek’s owner and senior management team.
Headquartered in Kitchener, Ontario, Canada, Roadtrek is North America’s leading designer and manufacturer of Class B motorhomes. Class B motorhomes (also called camper vans) are built on the chassis of full-size cargo vans and include sleeping for two to four people as well as full bath and kitchen amenities with the living space contained within the dimensions of the van. The rising popularity of Class
B motorhomes is derived from their relative size and a chassis design that offers greater maneuverability, ease of driving, and fuel economy among motorized RVs. 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. Mr. 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.
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 Mr. 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.”
Mr. 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 Mr. 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 an Evanston, Ill. based 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.