Coachmen Industries Inc. completed the acquisition of modular homebuilder KanBuild Inc., the company announced today (Feb. 14).
The transaction price was not revealed but Coachmen reported that Kanbuild earned $1.8 million pretax during 2000 on sales of $30 million.
The KanBuild acquisition is part of Coachmen Chairman Claire Skinner’s plan to transform Coachmen into a company that generates half of its sales revenue from RVs and half form modular homes and modular buildings.
During the 1990s, Coachmen derived about 80% of its revenues from building RVs and 20% came from manufactured and modular homes.
The acquisition of KanBuild, along with the acquisitions last year of Mod-U-Kraft and Miller Building Systems Inc., add about $123 million annually to the top line of Coachmen’s income statement.
During 2000, Coachmen’s sales revenue totaled $710 million, not counting KanBuild’s sales. Coachmen’s net earnings in 2000 totaled $2.2 million.
KanBuild operates manufacturing plants in Osage City, Kan., and Loveland, Colo. A third KanBuild plant is scheduled to open next month in Millikin, Colo.