U.S. private equity firm Industrial Opportunity Partners (IOP) has sold its portfolio company Roadtrek Motorhomes Inc, a Canadian designer and manufacturer of motor homes, to Erwin Hymer Group. No financial terms were released. Based in Kitchener, Ontario, Roadtrek makes Class B motor homes and sells them through a network of recreation vehicle dealers in the United States and Canada. It received an investment from IOP in April 2011 as part of a recapitalization deal done in partnership with Roadtrek’s owner and senior management team. Erwin Hymer is a caravan and motor home manufacturer with headquarters in Bad Waldsee, Germany.
Industrial Opportunity Partners exits Roadtrek Motorhomes
Evanston, Ill., February 25, 2016 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has completed the sale of portfolio company Roadtrek Motorhomes Inc. (“Roadtrek” or the “Company”) to the Erwin Hymer Group (“EHG”), a privately owned corporation headquartered in Germany that has a strong market position in the European recreational vehicle (RV) market. The divestiture represents IOP’s seventh investment realization from its initial $185 million committed fund. Terms of the transaction were not disclosed.
Headquartered in Kitchener, Ontario, Canada, Roadtrek is a North American 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 compared with other motorized RVs. Roadtrek’s RVs are sold through a network of independent dealers in the United States and Canada.
IOP Operating Principal Andy Weller served as Roadtrek’s Chairman of the Board and provided strategic oversight from IOP’s investment in April 2011 through the sale. Mr. Weller commented, “Through the leadership and dedication of the Company’s management team, led by CEO & President Jim Hammill, Roadtrek has continuously improved its product offering and shown a consistent commitment to innovation. Roadtrek has achieved substantial growth over the past few years, and I believe is positioned well for the future.”
Ken Tallering, a Senior Managing Director of IOP, added, “IOP’s investment in Roadtrek was very successful, and IOP would like to thank the Roadtrek management team for their efforts in creating value in the business. We believe EHG’s industry experience and long-term investment strategy suits the Company well, and IOP expects Roadtrek will continue to grow and thrive under EHG’s ownership.”
Piper Jaffray & Co. provided investment banking services to IOP in connection with the sale transaction, while McDermott Will & Emery provided legal representation.
About Roadtrek Motorhomes Inc.
Roadtrek is a manufacturer of Class B motorhomes, selling its motorhomes through a network of independent RV dealers in the United States and Canada. 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. For more information, visit Roadtrek’s website at www.roadtrek.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $460 million of committed capital since inception, is 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 sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.
About the Erwin Hymer Group
The Erwin Hymer Group is Europe’s largest manufacturer of motorhomes and caravans with a turnover of more than EUR 1.4 billion. Each year the group sells more than 35,000 recreational vehicles and employs some 4,400 people across its affiliated companies. The Erwin Hymer Group includes the motorhome and caravan brands Bürstner, Carado, Dethleffs, Hymer, Niesmann + Bischoff, Laika, LMC and Sunlight, Europe’s largest motorhome rental company McRent, the suspension specialist Goldschmitt, the accessory specialist Movera and the tent caravan manufacturer 3DOG camping. For more information, visit the Erwin Hymer Group’s website at www.erwinhymergroup.com.
Photo courtesy of Roadtrek Motorhomes Inc