Thor Industries Inc. purchased an Elkhart, Ind., bus and specilaty vehicle builder Tuesday (May 24), outbidding Forest River Inc. at auction, according to a report in the Elkhart Truth.
Thor purchased Goshen Coach, now operating as GC Bus, and plans to move operations to a plant in Michigan by the end of the summer. Employees who do not relocate will be assimilated into other Thor plants in Elkhart County.
VSV Group Inc, parent company to Goshen Coach, had filed for bankruptcy.
Thor and Forest River, two of the biggest profile names in the RV field, engaged in a lively auction for the assets of Goshen Coach. Thor’s initial bid of $4 million far exceeded Forest River’s bid of $1.15 million, which prompted both sides to re-examine what assets they were bidding on, according to Michael Watkins, an attorney for VSV.
A third prospective buyer, Supreme Industries of Goshen, submitted an initial bid of $1.4 million, but did not enter the competitive auction as the day unfolded.
At the end of a day-long process, Thor prevailed with a high bid of $9.5 million, outbidding rival Forest River and its owner, Pete Liegl, who was bidding on behalf of his company. Liegl’s final bid was $9 million.