Corinthian Capital has invested in Ultimate Toys, a designer and marketer of Class B recreational vehicles.
Ultimate Toys’ conversion vehicles and teardrop trailers are designed to facilitate premium excursion experiences and luxury road travel. The company’s products use Mercedes-Benz, Dodge Ram, Jeep, and teardrop camper platforms and are sold directly to the consumer and through a nationwide network of dealers.
Ultimate Toys was founded in 2017 by the father and son team of Gary and Josh Green and is headquartered near Cincinnati in Loveland, Ohio.
“The opportunity to be the first institutional investor in Ultimate Toys, a rapidly growing, innovative business with a large addressable market, fits squarely within Corinthian’s target investment parameters”, said Kenneth Clay, the managing partner at Corinthian.
Class B recreational vehicles, also known as camper vans, are smaller than Class A and C recreational vehicles but still offer many of the same features. They are easier to drive and park, making them a popular choice for those who want all the amenities of a recreational vehicle without a large vehicle.
Increasingly, Class B RVs are incorporating advanced technology, including smart home systems, integrated GPS, and touchscreen controls for climate and entertainment systems; as well as eco-friendly options, such as solar panels, energy-efficient appliances, and composting toilets.
Class B RVs are also becoming increasingly popular among younger generations, who are seeking a more minimalist and adventurous lifestyle. This has led to a rise in the popularity of vanlife culture, which celebrates the freedom and flexibility of living on the road. According to industry sources, the Class B recreational vehicle market is expected to see annual growth of 5.3% from 2023 to 2030.
“We are excited to partner with Ultimate Toys and its strong management team to support the company through its next phase of growth,” said Charles Bayer, a vice president at Corinthian.
Corinthian targets investments in North America-based companies with EBITDA between $5 million and $30 million that are active in the light manufacturing and assembly, distribution, and services sectors. The firm was founded in 2005 and is headquartered in New York City with an additional office in Boston.
New York City-based Turning Rock Partners, led by CEO and Managing Partner Maggie Arvedlund, provided the debt financing for the buy of Ultimate Toys.
Livingstone, a middle market investment bank, was the financial advisor to Ultimate Toys.
© 2023 Private Equity Professional | May 5, 2023