REV Group has acquired Midwest Automotive Designs. Financial terms weren’t announced. Sellers include Petra Capital Partners, Merion Investment Partners and Pegasus Capital Group. Midwest Auto, of Elkhart, Indiana, is an “upfitter” of custom luxury vans and RVs.
Midwest Automotive Designs, a leading “upfitter” of custom luxury vans and RVs based in Elkhart, IN, was recently acquired by REV Group (NYSE: REVG), a $2+ billion manufacturer of specialty vehicle brands. Petra invested in the recapitalization of Midwest alongside Merion Investment Partners and Pegasus Capital Group. During the investment period, revenue at Midwest more than doubled to approximately $45 million. The investor group supported founder and President Tim Gray in expanding the business and accelerating growth through recruiting and hiring CEO Harry Schmink and CFO Sam Lugo. Additionally, the team helped to enhance the sales and marketing approach at Midwest and supported Midwest’s entrance into the Class B RV market with the introduction of Midwest’s popular Weekender Sprinter RV. Midwest represents the first portfolio company exit of Petra Growth Fund III.
Petra Capital Partners is a Nashville-based private equity firm engaged in providing growth capital for companies located throughout the United States. Similar to the character of the city in which we live and work, Petra’s team specializes in providing creatively structured capital solutions for high growth companies in a friendly, approachable and collaborative manner. Our website celebrates the creative link between our approach to structuring capital and the pulse of our city.
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