NEW YORK and RIVERSIDE, Calif., June 25 /PRNewswire-FirstCall/ -- American Industrial Partners Capital Fund IV, L.P. (AIP) of New York and Fleetwood Enterprises, Inc. (BULLETIN BOARD: FLTWQ) , a leading producer of motorized recreational vehicles and manufactured homes, today reported that the U.S. Bankruptcy Court has approved the sale of Fleetwood's motor home assets to AIP for $53 million, subject to pre-closing conditions and post-closing adjustments. Fleetwood did not conduct an auction because no other qualified bids were received.
"Fleetwood's motor home brands are highly respected, and we are confident that this market will recover with the broader economy," said Dino Cusumano, Partner of AIP. "We look forward to continuing to manufacture Fleetwood motor homes. Fleetwood's dealers and customers should see no change in Fleetwood motor homes' commitment to high quality industry-leading product. We greatly value the relationships that Fleetwood has with its dealers, customers and suppliers and very much look forward to continuing and improving those relationships going forward."
Elden L. Smith, Fleetwood's president and chief executive officer, stated that management, "is pleased to see that the Fleetwood name will be preserved in the RV market place with this sale to AIP. The Fleetwood motor home group will benefit greatly from having ownership that is well capitalized, experienced, and committed to growth in the RV industry. We are now focused on making this a smooth transition for our dealers, Fleetwood motor home owners, and associates."
The sale includes two motor home manufacturing facilities, two motor home service facilities, and Fleetwood's Gold Shield supply subsidiary, all presently located in Decatur, Indiana. It also includes the intellectual property for Fleetwood's existing motor home brands and certain machinery and equipment in Riverside, California. AIP may operate the Riverside facility for an undetermined period of time going forward. AIP has agreed to assume certain liabilities, including warranty obligations on Fleetwood motorized products.
The companies expect the deal to close within a matter of weeks.
Additional information about the company's reorganization may be found online in the news section of http://www.fleetwood.com/ or at http://www.kccllc.net/fleetwood.
About AIP
American Industrial Partners was founded in 1989 and is a leading U.S. based private equity firm that makes control equity investments, in partnership with management, in well positioned U.S. headquartered industrial companies with leading market shares that can benefit from the firm's systematic approach to implementing strategic and operational improvements. It is investing its fourth fund which recently closed with $405.5 million of committed capital. For more information, visit http://www.aipartners.com/ or American Industrial Partners can be reached at 212-627-2360.
About Fleetwood Enterprises, Inc.
Founded in 1950, Fleetwood Enterprises, Inc. and its various subsidiaries produce, distribute, and service recreational vehicles and manufactured housing. The company is dedicated to providing high-quality, innovative products that offer exceptional value to its customers. Fleetwood continues to employ approximately 2,100 people in 14 plants located in 10 states. Fleetwood's products are primarily marketed through extensive dealer networks throughout the United States and Canada. The company is headquartered in Riverside, Calif.
This press release contains certain forward-looking statements and information based on the beliefs of Fleetwood's management as well as assumptions made by, and information currently available to, Fleetwood's management. Such statements reflect the current views of Fleetwood with respect to future events and are subject to certain risks, uncertainties, and assumptions, including risk factors identified in Fleetwood's most recent 10-K, 10-Q and other SEC filings.
Fleetwood Enterprises, Inc.
CONTACT: Rivian Bell, +1-213-630-6550, rlb@abmac.com, or Sydney
Rosencranz, 1-888-477-4319 (24/7), spr@abmac.com, both of The Abernathy
MacGregor Group, for Fleetwood Enterprises, Inc.
Web Site: http://www.fleetwood.com/
http://www.aipartners.com/
