Posts Tagged ‘Royals International’

Syracuse, Ind. – Redwood RV, Inc., a division of CrossRoads RV based in Topeka, Ind. has purchased the intellectual property of Carriage, Inc. today at auction from Ohio-based Myron Bowling Auctioneers. Carriage had been headquartered in Millersburg, Ind since 1968 and built high-end fifth wheels under the Cabo, Cameo, Carri-Lite and Royals International brands.

“We are excited about this purchase,” said Don Emahiser, President of Redwood and CrossRoads. “We’ve hired key Carriage talent—from production, to purchasing, IT and sales. I doubt that any other manufacturer has attracted more. They have been placed throughout our organization, from senior management to entry-level positions.

The management team at Redwood and CrossRoads believes the acquisition of not only the Carriage name but also the hiring of many of its previous employees will make the companies uniquely positioned to be the best stewards of the Carriage legacy. “We strongly feel that the RV Industry needs its historic brands, so we look forward to bringing this iconic name back to the marketplace,” Emahiser added.

Details of the acquisition and specific plans for the Carriage name and brands will be disclosed in the near future according to a company spokesperson.

Redwood RV manufactures and markets mid-priced fifth wheels and luxury fifth wheels designed specifically for full-time living. Redwood fifth-wheels range from 34 to 40 feet and are available in eight floor plans with MSRPs starting around $80,000.

Redwood and CrossRoads are subsidiaries of Thor Industries, Inc., (NYSE: THO), the world’s largest manufacturer of recreational vehicles.

PNC Bank out of Indianapolis filed suit Oct. 18 to take possession of Carriage, a well-respected RV builder that owes the bank more than $5 million. The suit came a day after 180 Carriage workers were furloughed at the financially troubled firm.

The bank is demanding immediate payment of overdue loans from the bank, which maintains in the suit in Elkhart County Superior Court I that Carriage owner Glenn Cushman has been in default of his financial obligations to PNC Bank from as far back as September of 2009, requiring the issuance of several loan extensions, The Goshen News reports.

A spokesmen for Carriage, which manufactures the Cabo, Cameo, Carri-Lite and Royals International towable RV lines at its rural Elkhart County complex, feel they haven’t gotten a fair shake from a mega-bank that isn’t really interested in a workable plan and the general welfare of one small Hoosier town.

“We’ve got a bunch of units sitting off line, short parts,” he added, “and everything we’ve got in the system right now is retail sold to be delivered to customers. I mean, that’s what’s crazy.”

In a, Oct. 22 report in  The Goshen (Ind.) News the  bank may be open to a deal to turn the company around, according to a Carriage consultant quoted in the front-page article.

“We got to have our meeting with the bank,” Rick Van Es, a business turnaround consultant, said Friday afternoon. “I think we are on a positive track right now.”

Van Es said there is still a lot of work to do on working out a restructuring of the company that the bank will agree to.

And Van Es admits the Millersburg community is very worried about the possibility of losing a traditional company and the 200 jobs there.

Full Story…

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