Apr. 13th, 2017
MILWAUKEE--(BUSINESS WIRE)--
REV Group (NYSE: REVG), a $2+ billion manufacturer of industry-leading
specialty vehicle brands and leading provider of parts and services,
today announced the acquisition of Midwest Automotive Designs
(“Midwest”), a leading custom van “upfitter” that develops and
manufactures luxury vehicles for end segments including motorhomes,
shuttle vans, limousines, and customized executive transportation
vehicles. This acquisition enhances REV’s product offerings in both its
Recreation and Commercial segments through the RV and bus divisions, by
adding a selection of Class B RVs and multiple products for the luxury
Limousine, Charter and Tour (“LCT”) bus markets, respectively.
Headquartered in Elkhart, IN, Midwest Automotive Designs custom-builds
RV’s and LCT vans on the Mercedes-Benz Sprinter chassis and the newly
introduced Dodge ProMaster chassis. Since its inception in 2003, the
company has grown to over 130 employees with combined manufacturing and
office space of over 100,000 square feet and annual revenue of
approximately $45 million. “One of our key strengths is our ability to
rapidly design, engineer, and commercialize new products,” stated Tim
Gray, President of Midwest Automotive Designs. “Our combination with REV
makes all of the sense in the world. We are excited to tap into REV’s
technical resources and nationwide dealership footprint.”
“We are pleased to welcome Tim and his outstanding team at Midwest into
the REV RV family,” said Jim Jacobs, President of REV Recreation Group.
“Product quality and craftsmanship are words consistently applied to
describe the Midwest product, and integrity is a word used to describe
the team Tim Gray has built over the past 14 years. The
attention-to-detail in the production of their vehicles is second to
none. I truly believe that with REV, Midwest Automotive Designs now has
all of the resources and backing in place to become a leading brand in
our RV segment.” John Walsh, President of REV’s bus division added that,
“The addition of top quality custom shuttle buses, limousines and
executive transportation vehicles is complementary to our existing
commercial vehicle line of products. All of these products add to an
already solid line of luxury vehicles under our Krystal and Federal
brands. Our luxury transportation dealers will be very excited about
these additions to our luxury product line.”
Midwest’s manufacturing operations will remain in Elkhart, IN., and the
company’s 130 employees will continue to be an integral part of the
day-to-day operations and its future growth plans. Midwest has built a
strong independent dealer network that will continue to promote and sell
the Midwest products nationwide and now be further complemented by REV’s
network.
“We are extremely pleased to have Midwest Automotive Designs join our
team at REV and I personally look forward to welcoming their talented
group of employees,” stated Tim Sullivan, CEO, REV Group, Inc. “Midwest
brings a strong quality-focused reputation and a diverse product
portfolio that is entirely complementary to our line of great
American-made specialty vehicles. Furthermore, Midwest is a strong
cultural fit within REV Group and we will be able to quickly assimilate
them into our company. They will immediately contribute strategic value
in alignment with REV’s mission of delivering high quality specialty
vehicles and support services to various end markets while also driving
shareholder value creation through growth.”
The acquisition of Midwest was signed and closed concurrently on April
13, 2017.
About Rev Group
REV (NYSE: REVG) is a leading designer, manufacturer and distributor
of specialty vehicles and related aftermarket parts and services. We
serve a diversified customer base primarily in the United States through
three segments: Fire & Emergency, Commercial and Recreation. We provide
customized vehicle solutions for applications including: essential needs
(ambulances, fire apparatus, school buses, mobility vans and municipal
transit buses), industrial and commercial (terminal trucks, cut-away
buses and street sweepers) and consumer leisure (recreational vehicles
(“RVs”) and luxury buses). Our brand portfolio consists of 28
well-established principal vehicle brands including many of the most
recognizable names within our served markets. Several of our brands
pioneered their specialty vehicle product categories and date back more
than 50 years. Investors-REVG
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413005584/en/
REV Group
Dean Nolden,1-414-290-0193
Chief Financial
Officer
[email protected]
Source: REV Group
