RIVERSIDE, Calif., July 17 /PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. (BULLETIN BOARD: FLTWQ) , a leading producer of motorized recreational vehicles and manufactured homes, today announced the closing of the previously announced sale of its motor home assets to American Industrial Partners Capital Fund IV, L.P. (AIP). The purchase price of $33.2 million is inclusive of certain assumed liabilities and is subject to customary post-closing adjustments.
Concurrently, Fleetwood terminated approximately 700 employees associated with this portion of its business. Affected employees were notified earlier this week. The new owners are expecting to hire approximately 650 employees over the next several weeks. Fleetwood continues to own two idled motor home plants in Pennsylvania and California, although the Riverside, Calif. plant will be operated temporarily by AIP under license.
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.
Additional information about Fleetwood'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 US based private equity firm that makes control equity investments, in partnership with management, in well positioned US 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.
Following the sale of its motorized recreational vehicle business, Fleetwood Enterprises, Inc. and its various subsidiaries continue to produce, distribute, and service manufactured housing. The company is dedicated to providing high-quality, innovative products that offer exceptional value to its customers. Fleetwood continues to employ approximately 1,100 people in 11 plants located in nine states. Fleetwood's products are primarily marketed through an extensive dealer network 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/
