Conrad Clement, the president and CEO of Featherlite Inc., submitted an offer to buy the Featherlite Luxury Coach Division from the parent company.
Clement’s offer will be studied by a special committee of the Featherlite Board, which consists of outside directors, and investment banking firm Goldsmith Agio Helms of Minneapolis, the special committee revealed after the stock market closed today (Dec. 21).
The Luxury Coach Division in Sanford, Fla., converts Prevost bus chassis for sale under the Vantare brand name.
Technically, Clement Enterprises Inc., which is owned by the Featherlite president and CEO, submitted the offer for the Luxury Coach Division. The special Featherlite board committee advised Clement Enterprises to continue work towards security financing to complete the purchase.
Meanwhile, Goldsmith Agio Helms will continue soliciting other offers.
Featherlite Inc., based in Cresco, Iowa, also builds aluminum specialty trailers, specialized transporters and custom mobile marketing trailers.