Milwaukee-based REV Group Inc.
has acquired Bristol, Indiana-based Renegade RV
, a manufacturer of recreational vehicles, heavy-duty trailers and specialty vehicles. The transaction price was not disclosed.
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Renegade has about 175 employees, all of whom will be retained in the transaction at the 200,000-square-foot Bristol plant, REV Group said in a release. Renegade also will keep its product branding and independent dealer network.
REV Group will integrate Renegade into its REV Recreation Group subsidiary, which makes motorhomes under the American Coach, Monaco, Holiday Rambler and Fleetwood brands.
"We are extremely excited to have Renegade RV join our team at REV Group, and I look forward to welcoming their talented group of employees," said Tim Sullivan, chief executive officer of REV Group. "Renegade RV brings a tremendous reputation and a world-class product portfolio that is highly complementary to our line of great American-made motorhomes. We believe Renegade will quickly contribute strategic value to REV's mission of better serving customer and dealer needs throughout the country."
Sullivan, the former Bucyrus CEO who brought the REV Group headquarters from Orlando, Florida to Milwaukee in February
, could not immediately be reached for additional comment.
REV Group is a $2 billion manufacturer of specialty vehicles such as ambulances, fire trucks, shuttle buses, transit buses, street sweepers, luxury motorhomes and wheelchair-accessible vehicles. It has more than 6,000 employees manufacturing 20,000 vehicles per year at 16 manufacturing facilities nationwide.
The company, which reported more than $30 million
in 2016 profit, plans to make its initial public offering
in 2017, raising $100 million. It also is bidding, along with Turkish partner Karsan, on a U.S. Postal Service contract
that could create up to 2,500 jobs in Milwaukee to produce 180,000 postal vehicles.
"We are excited to welcome Mike (Lanciotti, president of Renegade) and his outstanding team at Renegade, into the REV RV family," said Jim Jacobs, president of REV Recreation Group. "Product quality and craftsmanship are critical factors in the decision-making process for prospective RV buyers. Renegade RV's attention to detail in the production of vehicles is second to none. I truly believe Renegade RV now has all of the pieces in place to become a preeminent brand in multiple motorized RV segments."
"Our team at Renegade is results-driven,” Lanciotti said. “We take a lot of pride in the products we build and always make it a priority to provide our customers with the top-notch quality and customer service they deserve. I am confident that our alignment with REV Recreation Group will provide us with the financial, engineering, and manufacturing resources we need to embark on the next phase of growth for our company."