Docstoc

Country Coach_ NRV Excited About Future - Country Coach_

Document Sample
Country Coach_ NRV Excited About Future - Country Coach_ Powered By Docstoc
					Home | Contact Us | About Us | Subscribe                                                  » Order RVB's Dealer Directory


   Search This Site!    BREAKING NEWS
                  Go
                        Country Coach, NRV Excited About                                            Previous Breaking
                                                                                                    News Articles
» RV Stocks             Future                                                                      • ARVC Directory
» RV Shipments          Steve Bibler                                                                  Offers
                        RV Business                                                                   ‘Points-Of-Interest’
» Cutting Edge          Monday, February 19, 2007
                                                                                                    • Consumer Level
  Products                                                                                            Inflation Rises in
                        Management of the newly formed Country Coach Holdings LLC hit the
» Breaking News         ground running in the wake of the announcement late Friday (Feb. 19)          January
  Archives              it had purchased Junction City, Ore.-based Country Coach Inc. from          • RV Hall of Fame
                        National RV Holdings Inc. for $38.75 million in cash and the assumption       Readies for March
» Industry Directory    of $13 million in debt.                                                       Opening
» Dealer Directory      “Our customer base was waiting to see what would happen and our             • TengoInternet
                        dealer base was waiting to see what would happen – now they know,”            Grows Relationship
» Retail Trends                                                                                       With ELS
                        Bob Lee, Country Coach founder, told RV Business on Saturday. The
» OEM Showcase          deal should be finalized early this week.                                   • Fed Governor Bies
                                                                                                      Comments on
» Business Profile      The company’s new website was already online Friday night and                 Inflation
                        displayed a photo of Lee, who will serve as chairman emeritus of the
» Industry Calendar                                                                                 • Country Coach
                        Country Coach Holdings LLC, and Jay Howard, president and CEO of the
                                                                                                      Officials Hold
                        new company, under a headline stating “WE ARE BACK!” Lee was
» Advertising                                                                                         Employee Rally
                        already moving into his new office at Country Coach, which he founded
                        in 1973.                                                                    • More Archives
   Online Sponsors
   Brake Buddy          The new company is headed by Los Angeles investor Bryant Riley who
   CoachNet             owns 11.4% of Perris, Calif.-based National RV Holdings and is its
   Firestone            largest shareholder. National RV Holdings also is parent to National RV
   IDS-ASTRA            Inc., which will continue operations in Perris.
   Thetford
   Yamaha               The sale marked the second time Riley had been in negotiations with
   Where is my RV?      National RV Holdings as he and Lee led an investment group that
   Adventure Mfg.       offered to buy the entire company for $92 million plus assumption of
                        debt in November 2005. The board rejected the offer.

                        Rumors of a possible spin-off began to circulate after Riley disclosed in
                        a Securities and Exchange Commission (SEC) filing last month that he
                        had entered into confidential talks with National RV Holdings’
                        executives and board members about ways to turn the company
                        around.

                        “We have been trying to get it (purchase) in the works but the board
                        wouldn’t listen to us,” Lee said. “We offered to buy Country Coach a
                        year and a half ago. They turned us down and said it was a ridiculous
                        offer. We kept coming at them until they finally ran out of money. I
                        don’t give up easy.”

                        Brad Albrechtsen, CEO of National RV Holdings, maintained in a
                        statement released Friday that the sale of Country Coach will allow the
                        company to continue in its turnaround efforts.

                        "This transaction is very good for the company, enabling us to clear up
                        our debt and provide the necessary funding and resources to support
                        National RV in its turnaround," he said. "The future looks very exciting.
                        We have been able to hold our own in the marketplace in spite of the
                        uncertainty and difficulties. We have continued to add innovative
                        products and to partner with new dealers. The sale of Country Coach
                        provides the resources to return our focus to designing, building, and
                        selling great motorhomes."

                        Albrechtsen added that cost-cutting efforts will continue at National RV
in response to continued weakness in the Class A market, and that the
sale of Country Coach also enables the company to streamline some of
its corporate and public costs. National RV Holdings has shown a net
loss in 17 of its last 21 quarters.

As a result of the buyout, Lee said he’s wrapping up his arrangement
with Yakima-Wash.-based Western Recreational Vehicles Inc. It was
announced during last November’s Louisville Show that Lee was coming
out of a brief retirement to serve as chairman of the board of Western
RV, which was acquired by N.Y.-based investment firm Monomoy
Capital Partners LP. “I have pretty much done what I needed to do
there,” Lee said.

Lee said he expects Country Coach to remain profitable, just as it has
for the past 14 quarters.

“We are the top end of the market and we anticipate having a great
year,” added Lee, who stopped short of making any exact sales
projections.

Country Coach manufactures luxury diesel motorcoaches – including
Prevost conversions – that retail for between $270,000 and $1.6 million
and sells them through 30 dealers across the U.S. and Canada.

Lee also envisions developing a destination RV resort and RV spa on
property adjoining Country Coach’s 500,000-square-foot manufacturing
facility in Junction City.

The sale was announced after the close of business on Friday, so many
of the 1,600 Country Coach employees did not learn about the sale
until reported by the media late Friday and early Saturday.

“We’ve had many phone calls and lots of e-mails from a lot of coach
owners as well as our dealer partners,” said Matt Howard, senior
director, marketing and sales administration. “Everybody is very
excited about the future.”

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:6
posted:5/11/2010
language:English
pages:2