Industrial Opportunity Partners (IOP) has completed the sale of its portfolio company, Roadtrek Motorhomes, to the Erwin Hymer Group, a Germany-based privately-held maker of recreational vehicles. IOP acquired Roadtrek in April 2011.
Roadtrek is a 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. Class B motorhomes are becoming more popular largely due to their smaller size and a chassis design that offers greater maneuverability, ease of driving, and fuel economy compared with other motorized RVs.
Roadtrek’s motorhomes are sold through a network of independent dealers in the United States and Canada. The company is headquartered southwest of Toronto in Kitchener, ON (www.roadtrek.com).
Industrial Opportunity Partners focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements.
IOP Operating Principal Andrew Weller served as Roadtrek’s Chairman of the Board and provided strategic oversight to the company during IOP’s term of ownership. “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,” he said. “Roadtrek has achieved substantial growth over the past few years, and I believe is positioned well for the future.”
The Erwin Hymer Group is among Europe’s largest manufacturer of motorhomes and caravans with annual revenues of €1.4 billion ($1.5 billion). The group sells more than 35,000 recreational vehicles under such brand names as Bürstner, Carado, Dethleffs, Hymer, Niesmann + Bischoff, Laika, LMC and Sunlight. The company also rents motorhomes under the McRent brand and sells tent trailers under the 3DOG camping brand. The Erwin Hymer Group has approximately 4,400 employees and is headquartered near Munich in Bad Waldsee, Germany (www.erwinhymergroup.com)
“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,” said Ken Tallering, a Senior Managing Director of IOP. “We believe the Erwin Hymer Group’s industry experience and long-term investment strategy suits the company well, and IOP expects Roadtrek will continue to grow and thrive under its ownership.”
The sale of Roadtrek is IOP’s seventh realization from its initial $185 million fund which was raised in 2006. In May 2012 IOP closed its second fund at the hard cap of $275 million. IOP was founded in 2005 and is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
Piper Jaffray & Co. (www.piperjaffray.com) was IOP’s investment banker for this transaction and McDermott Will & Emery (www.mwe.com) provided legal representation.
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-25-16
