According to a story published Monday by the the Goshen (Ind.) News, Forest River Inc., a Berkshire Hathaway company, has purchased REV Group's shuttle bus brands Champion Bus, Federal Coach, World Trans, Krystal Coach, ElDorado and Goshen Coach. These brands are produced at plants in Salina and Imlay City, Mich.
Attempts by Salina Post to reach REV Group and Forest River Inc. were not successful.
A story published Friday by RV News, noted that the sale was effective Friday.
“The divestiture of our shuttle bus business provides an opportunity to improve our portfolio profitability, reduce debt and renew our focus on reducing our leverage,” Rod Rushing, REV Group president and CEO, said in the RV News story.
Proceeds from the sale will be used to pay down outstanding borrowings under the REV Group’s ABL debt facility, RV News reported.
“We are committed to improving our operations to achieve best-in-class performance in each of our business segments,” Rushing said. “I appreciate the hard work and dedication of our shuttle business employees and wish them success.”
In a news release quoted in The Goshen News story, David Wright, president of the Forest River bus division, said, “We are excited to welcome Champion Bus and ElDorado to Forest River. Both organizations have built a history of integrity, quality and innovation and enjoy an excellent reputation in our industry today. As we navigate these challenging times, the addition of these historic and iconic brands to the Forest River family enhance our ability to provide products and a customer experience that is second to none. We look forward to working with our dealer partners as we better position Forest River’s shuttle bus divisions for the future.”
There was no word as to what effect the transaction would have on the the El Dorado operation in Salina. Check Salina Post for more as details become available.
