A Boston-based investment firm has purchased majority interest in Teton Homes Inc., a Wyoming manufacturer of luxury fifth-wheel trailers that intends to be producing high-end diesel pusher motorhomes within a year, according to the Casper (Wyo.) Star-Tribune.
The newspaper reported that financial details between Webster Capital and Teton Homes, located in Casper, were not disclosed.
Company officials, including President Tony Ingram, who is to remain president of the company his father, Robert “Boots” Ingram, started in 1966, declined to discuss the transaction with RV Business beyond the newspaper’s account.
Tony Ingram, who purchased sole ownership of the firm from his parents in 1995, also retains a minority owner’s position in the company, according to the newspaper account.
The newspaper reported that Webster Capital general partner Charles Larkin said the plan was to help Teton Homes grow from sales of $30 million annually to $100 million.
“This isn’t about relocation, cutting back on employees or anything like that,” Larkin said. “This is an opportunity at the company to significantly expand its operations and scope.
“We’ve been looking at moving into Class A motorhomes for quite some time,” Ingram told the newspaper. “As you know, to get into the motorized market requires a lot of capital.”
Ingram said Teton Homes plans to build motorhomes in the $400,000-$500,000 retail price range, and that prototypes would be completed within a year while the company continues to build luxury fifth-wheels and field units for energy sector workers.
Larkin said Webster Capital was interested in Teton Homes because of its reputation in the marketplace for manufacturing high-quality products. He said Webster Capital typically invests in privately owned companies with annual revenue between $20 million to $100 million.