Canadian RV manufacturer Glendale International Corp. reports that a group of its senior managers has completed the purchase of 5 million Glendale shares from G.P. Metal Products Ltd., a company controlled by Glendale founder Morgan Firestone, who also was Glendale’s largest shareholder.
Glendale, a Toronto Stock Exchange-listed firm, paid $26.39 million (Canadian) for G.P. Metal’s shares.
One Canadian dollar is worth 72.9 cents in U.S. currency at current exchange rates.
The buyers of the G.P. Metal stock is a group that includes Edward Hanna, Glendale’s chairman, president and CEO; Terry Mullan, president of Glendale RV; Philip L. Szabo, vice president, CFO; Brad Bourne, president of Circuit World Corp.; Kevin Kearns, managing director of Fernau Avionics and Barry Bateman, general manager of Travelaire.
The Glendale senior management group now owns around 5.65 million Glendale shares, representing about 45.25% of the company’s outstanding shares.
“We believe this transaction is extremely significant as it once again reinforces management’s commitment to the corporation’s vision, and it further demonstrates our optimism for the future of Glendale,” Hanna said. “As a result of this transaction, the interest of all shareholders is directly aligned with the team that is principally responsible for the execution of the business strategy.
“On behalf of our entire team, we look forward to leading Glendale through its next phase of growth.”
In addition to being Canada’s largest RV builder, Glendale also holds a controlling position in Circuit World Corp., the largest aerospace and defense supplier of advanced-technology printed circuits in Canada, United Kingdom-based Fernau Avionics and Oakville, Ontario-based Quality Plastics.
Glendale has around 12.5 million shares outstanding.