The transfer is subject to customary closing conditions and is targeted to close by the end of this month. All financing necessary to complete the transaction is committed.
"Management is delighted to team with BRS, a high quality financial sponsor that has a thorough knowledge of the markets Airxcel serves and places high value on customer and employee relations," said Mel Adams, Airxcel's president and CEO.
"Our focus of bringing high-quality, added-value products to markets Airxcel serves with excellent customer service support will continue to be our mission," added Adams.
Airxcel currently employs 982 people at manufacturing operations in Wichita, Kan.; Dayton, Tenn.; and Cordele, Ga.; and its warehouse and sales operation in Elkhart, Ind.
Publication date: 08/01/2005