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As part of Coachmen Industries Inc.’s “intensive recovery plan,” the company announced today (April 3) the sale of Miller Building Systems Inc.
Coachmen said Miller, a modular home builder, was purchased by MBSI Holdings LLC, which includes members of Miller’s senior management team.
Coachmen said the transaction was structured as a stock sale and that all of Miller’s existing management, staff, and production employees will remain with the company in its two locations in Elkhart, Ind., and Leola, Pa.
“This sale marks the successful completion of a significant step in our intensive recovery plan announced last year,” said Claire C. Skinner, chairman and CEO of Elkhart-based Coachmen. “With the sale of Miller and other assets, we can continue to focus our efforts on our core recreational vehicle and housing and building businesses, and redeploy our assets in a way that provides the best return for our shareholders.”
In addition to Miller, Coachmen also completed the sale of property in Grapevine, Texas, for approximately $2 million and vacant farmland in Middlebury, Ind., for around $0.6 million.
Also, on March 15, Coachmen entered into a definitive agreement for the sale of its former All American Homes of Tennessee LLC facilities in Springfield, Tenn., for $5.3 million in cash.
Last December, the company sold All American Homes of Kansas LLC, and during its fourth quarter, Coachmen reached an agreement to sell its Prodesign thermoformed plastics subsidiary.