Jayco Corp. announced today (Feb. 24) that it has entered into a Letter of Intent (LOI) to acquire Shipshewana, Ind.-based Open Range RV Co.
According to a press release, the letter of intent “contemplates a transaction between the two companies and is subject to the execution of a definitive agreement between the two parties.”
Open Range RV will operate as a wholly owned and separate subsidiary while Randy Graber will remain as president. “The two companies are a natural match,” said Graber. “Culturally speaking, both Jayco and Open Range enjoy strong relationships with their dealer body, recognizing the importance of maintaining a partnership style association.”
With growth in excess of 20% annually, the management of Open Range recognized in order to maintain and further increase that type of growth, it was necessary to partner with a larger organization. “I am extremely excited to be able to take Open Range to the next level. It’s a dream come true.” said Graber.
Derald Bontrager, president and CEO of Middlebury-based Jayco, noted, “Open Range will be a perfect addition to the Jayco family. We are thrilled to partner with someone like Randy Graber who has such vast industry experience and innovative product knowledge.”