Western Recreational Vehicles, Inc. Merges With Pilgrim International, Inc.
MIDDLEBURY, Ind.--Monomoy Capital Partners, L.P. has agreed to merge Western Recreational Vehicles, Inc. (“Western RV”), a manufacturer of high-end recreational vehicles based in Yakima, Washington with Pilgrim International located in Middlebury, Indiana. The transaction is expected to close in July, 2007.
The merger expands the presence of both companies in the RV industry and combines the resources of the two, well-established and well-known brands. Pilgrim International builds and sells Travel Trailer and Fifth-Wheel products. In its fifth year of existence, Pilgrim has grown to the 15th largest producer in the towable segment and has become a recognized leader for innovation and value in Travel Trailer and Fifth-Wheel products. Western RV is a 36-year-old company that specializes in the design and manufacture of premium recreational vehicles for the Class A Motorhome, Fifth-Wheel and Truck Camper segments of the RV industry.
Western RV also builds the automotive chassis for its products, making it one of few vertically integrated manufacturers in the industry. The company distributes and services its motor coaches, including the Alpine Coach, a premier diesel motor coach, through a network of independent dealerships throughout the United States and Canada.
The new company will continue to operate facilities in both Yakima, Washington and the Middlebury, Indiana area. The combined companies will now manufacture from approximately 750,000 square feet and employ over 750 people. The new company will locate its corporate team in Middlebury, Indiana. Industry veteran and product innovation wizard Dave Hoefer will be the Chairman of the Board of the new company while Steve Bennett will assume responsibilities as President and COO. Richard Fish, an Operating Partner from Monomoy, will be CEO of the new firm.
“This merger is a very positive step for the combined organizations, its business partners and customers,” said Steve Bennett. “Monomoy will provide substantial capital and management expertise for the merger and help us be more competitive in western U.S. markets. This is great news for our current and prospective dealer partners.”
According to the new company’s Chairman of the Board, Dave Hoefer, a 30-year RV industry veteran and co-founder of Dutchmen Manufacturing, Four Winds and most recently Pilgrim International, “This is a great opportunity for both companies. Our merger will allow us to grow faster in the western U.S. and bring new and innovative products to the market more quickly. I have never seen a more perfect fit.”
After its purchase of Western RV in 2006, the merger of Pilgrim International and Western RV is the second step for Monomoy in creating a presence in the RV industry. “We are excited to have the opportunity to expand our presence in the RV industry by merging Western RV with a well-established brand like Pilgrim. Pilgrim is a great brand and has one of the strongest management teams in the industry.” said Philip Von Burg, a Monomoy principal. “Steve Bennett, Dave Hoefer and Richard Fish will focus our company on industry issues while creating substantial value for our dealers and customers. We look forward to our continued growth with this merger and will continue to seek opportunities to be a substantial player in this $14 billion industry.”
With this announcement, the new company will be entering the industry’s business summer season and attending shows as the combined entity in Redmond, OR (Affinity Rally and FMCA Rally), the Pomona RV show, PRVCA, Harrisburg, PA and the RVIA Industry trade show in December 2007 in Louisville, KY.