TORONTO, July 3, 2019 /CNW/ - Rapido Group, owner of the Westfalia brand, is pleased to announce the completion of the acquisition of substantially all of the assets related to the Roadtrek RV brand ("Roadtrek"), an operating division of Erwin Hymer Group North America, Inc. ("EHGNA"), a company in the midst of receivership proceedings (the "Transaction").
On application by Corner Flag LLC, the Ontario Superior Court of Justice (Commercial List) (the "Court") granted an Order on February 15, 2019 appointing Alvarez & Marsal Canada Inc. as receiver and manager ("Receiver"), of all of the assets, undertakings and properties of EHGNA. The Receiver commenced a sale process and accepted qualified bids until April 3, 2019. Rapido's letter of intent (the "LOI") was accepted as a winning bid on Friday, April 12, 2019.
Following the execution of the LOI, Rapido worked with the Receiver to negotiate and finalize a definitive asset purchase agreement dated May 31, 2019 (as amended, the "Asset Purchase Agreement"). The Asset Purchase Agreement contains the terms and conditions pursuant to which Rapido purchased substantially all of EHGNA's Roadtrek business (collectively, the "Purchased Assets"). Rapido has also negotiated and signed certain ancillary documents, including a transition services agreement (the "TSA") to assist Rapido with resuming Roadtrek operations. Rapido has assumed the lease of the existing manufacturing and assembly facility located at 20 Tyler Street in Cambridge, Ontario (the "Facility"), which will be the North American headquarters for the new Roadtrek business.
On June 17, 2019, the Court issued an Approval and Vesting Order (the "Order"), approving the Transaction, the Asset Purchase Agreement and the TSA.
Earlier today, Rapido and the Receiver successfully closed the Transaction. Rapido will spend the next few weeks relocating the Purchased Assets to its Facility and establishing North-American operations. The Rapido team is committed to resuming operations as soon as possible and is in the process of completing interviews to build its North American team.
The closing of the Transaction marks Rapido's official return to North America. Rapido's subsidiary, Westfalia, had a strong North American presence in the 1960's and 1970's. Rapido's President, Pierre Rousseau, said "We are extremely proud to be making our return to North America through the acquisition of the iconic Roadtrek brand! We are committed to re-invigorating and expanding the brand for years to come."
The Rapido Group's story began in France in 1948. The company was started by a cabinet maker, Constant Rousseau, and evolved into a general carpentry shop and eventually to a caravan and motorhome manufacturer. Rapido was officially formed in 1961 and has since utilized a brand creation/acquisition strategy to become one of the biggest recreational vehicle groups in Europe. The family-owned company is currently based in Mayenne, France, and employs approximately 1,500 employees across its various plants in France, Germany, Italy and Great Britain. Rapido remains 100% family-run, with Constant Rousseau's son (Pierre Rousseau) acting as President of the company, and his grandson (Nicolas Rousseau) acting as Deputy General Director.
Cassels Brock & Blackwell LLP is acting as legal counsel to Rapido. Osler Hoskin & Harcourt LLP is acting as legal counsel to the Receiver.
SOURCE Rapido SAS
For further information: Vincent Rabut, Rapido's Communication Manager, email@example.com