ASV Buys Most of Navistar Inc.'s RV Holdings
Navistar Inc. confirmed today (May 16) that Allied Specialty Vehicles (ASV), a leading $1 billion sales producer of specialty vehicles to the fire & emergency, commercial & industrial and recreational vehicles markets worldwide, has purchased certain assets of Navistar RV, a leading manufacturer of motorized and towable recreational vehicles, which includes the Monaco, Holiday Rambler and R-Vision brands, according to a news release.
The purchase price was not initially revealed.
The purchase was structured as a purchase of all of the equity interests of Navistar RV and includes the manufacturing operations for Navistar's R-Vision and Holiday Rambler towable units in Harrisburg, Ore., and Navistar's Monaco and Holiday Rambler brand motorized RVs in Wakarusa, Ind. ASV has also entered into a multi-year leasing agreement for Navistar RV's Elkhart, Ind., facility. The sale does not include Bison Coach, Navistar's horse trailer manufacturing business.
“We continue to focus on our North America core businesses and the sale of Navistar RV represents another important step in our ‘Return-On-Invested-Capital’ review process,” said Jack Allen, Navistar COO. “These are three strong brands with world-class products and ASV will be able to create more value in the business than we could ourselves.”
“ASV is honored to welcome all of the existing Monaco, Holiday Rambler, R-Vision, Beaver and Safari customers and an exceptional network of dealer partners to the ASV family,” said Peter Guile, CEO of ASV. “The ASV team is committed to providing our customers and dealers with exceptional product, service and support, and we are fully committed to re-establish the product leadership and extraordinary reputation for innovation, quality and service for which the Monaco family of brands has been known.”
“ASV is pleased to welcome Mike Snell as president of Monaco and Holiday Rambler,” said Guile. “Mike has made an invaluable contribution to the Monaco brands and the industry over his 20-year career with Monaco RV, and we look forward to his leadership during this new, exciting phase of growth.”
“We join the ASV family fully energized with worthy goals and high hopes as we jointly work to rebuild our iconic and proud RV industry brands,” commented Snell. “With the commitment and support of ASV we’ll focus on developing innovative, distinct and aspirational products in keeping with the long and rich tradition of our brands. I look forward to working with our team, our dealers and our customers to make this vision a reality.”