italy’s Rimor motorhomes will speak French. A majority stake of the struggling company headquartered in Poggibonsi (in Tuscany near Siena) will be acutally acquired by French group Trigano, after a long and difficult story started in 2010 when majority shareholder private equity firm Barclays Private Equity did not recapitalized Rimor during a debt restructuring process and gave control of the company to Italian mezzanine lender funds Nem Mezzanine and Ver Capital Mezzanine Partners.
The company however was hit by the economic crisis in the following years and last June was allowed to enter a bankrupcty procedure.
A few days ago the Court of Siena said that Rimor creditors gave their go ahead to a plan proposed by Trigano and Rimor’s founding family Niccolai who are going to buy assets from Autocaravans Rimor through the newco Luano Camp srl (60% owned by Trigano and 40% owned by the Niccolais). Assets being acquired are Rimor’s inventory, all 106 employees and rights to produce and sell motorhomes with Rimor’s barnds (i.e. Rimor, Kentucky and XGO) (see here the press release by Trigano).
Rimor sold about 1200 motorhomes in fiscal year 2013-2014 and estimates saled fo about 50 million euros in fiscal year 2014-2015 (see veda here a previous press release by Trigano). The company was founded in 1978 by Luano Niccolai. In 2004 Barclays Private Equity bought a 67% stake in Rimor’s capital investing 76 million euros. The company closed fiscal year 2003-2004 with 115 million euros of revenues and 13.8 millions of ebitda (source Private Equity Monitor).