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02-01-2019, 05:00 AM
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#121
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Platinum Member
Join Date: Aug 2010
Location: Minnesota
Posts: 12,013
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Quote:
Originally Posted by Knit
It means that the current owners continue to own EHGNA including both the assets and liabilities. Thor did not buy any of EHGNA. Roadtrek is but one brand made by EHGNA. At least at one point, Thor was apparently willing to pay about $195m and assume $206m in debt.
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That is what I originally thought, but it does talk about not being liable for some of the NA liabilities if they were not contractural which doesn't seem to fit.
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02-01-2019, 08:26 AM
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#122
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Platinum Member
Join Date: Aug 2015
Location: California
Posts: 504
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Quote:
Originally Posted by booster
That is what I originally thought, but it does talk about not being liable for some of the NA liabilities if they were not contractural which doesn't seem to fit.
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In the world of finance, when you buy a company what transfers to the purchaser (parent company) and what stays with the subsidiary (EHG NA) is not fixed by law but is a business construct. It's primarily about risk containment, tax liabilities, and managing regional laws / regulations.
If Erwin Hymer was a mean company, they could have chosen to dump a ton of liabilities and junk into EHG NA in preparation for a bankruptcy - it appears they saw EHG NA as a valued business and got caught by cold northern surprise the German newspapers have creatively characterized as:
ERWIN HYMER GROUP NORTH AMERICA
New findings in the infidelity scandal.
When this all started, Erwin Hymer wanted to enter NA and tested different schemes. Roadtrek probably appeared as a easier way to set a NA foothold in the market (they had done this elsewhere) and probably thought they 'could handle the Canadian CEO' and gave him a lot of free rein (possibly too much).
I blame SCTV for giving the Hymer family an unrealistic perspective on Canadian culture as innocent, friendly, and fun-loving. /s
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02-01-2019, 04:43 PM
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#123
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Gold Member
Join Date: Jan 2019
Location: Mountain View CA
Posts: 99
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Feb 1 Thor announces deal closed without EHGNA
Feb 1 Thor PR deal has Closed excluding NA but still unclear of NA future. Says Existing contracts honored by EHG does that include warranties of current owners but not future? Party line from Canada ‘business as usual’ but clearly it’s not. The audit is meant to Conclude today according to EHGNA.
https://ir.thorindustries.com/press-...n/default.aspx
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02-01-2019, 05:13 PM
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#124
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Platinum Member
Join Date: Aug 2015
Location: California
Posts: 504
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That Did Not Take Long!!!!
The Erwin Hymer corporate website stripped EHG NA, Roadtrek and the Jeep top company from the site.
The web administrators are very busy over there updating pages and refreshing search engines.
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02-01-2019, 05:37 PM
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#125
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Platinum Member
Join Date: Aug 2010
Location: Minnesota
Posts: 12,013
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Quote:
Originally Posted by ClassB4Me
That Did Not Take Long!!!!
The Erwin Hymer corporate website stripped EHG NA, Roadtrek and the Jeep top company from the site.
The web administrators are very busy over there updating pages and refreshing search engines. |
They certainly speak in the press release like Thor bought the entire EHG including the EHG name, so i wonder if the NA division is now allowed to call itself, and who owns it?
The dollar values listed in several posts appear to be incorrect as those numbers were Euros per the release. So $190 million + in value and $200 million + in assumed liabilities were taken from the acquisition price.
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02-01-2019, 05:48 PM
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#126
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Platinum Member
Join Date: Aug 2015
Location: California
Posts: 504
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I tried to get an update from CTV on the EHG NA situation but more important breaking news has crowded out the regional news cycle today.
BREAKING Ron Joyce, co-founder of Tim Hortons doughnut chain, dies at age 88
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02-01-2019, 09:03 PM
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#127
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New Member
Join Date: Apr 2018
Location: CA
Posts: 15
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Quote:
Originally Posted by booster
They certainly speak in the press release like Thor bought the entire EHG including the EHG name, so i wonder if the NA division is now allowed to call itself, and who owns it?
The dollar values listed in several posts appear to be incorrect as those numbers were Euros per the release. So $190 million + in value and $200 nillion + in assumed liabilities were taken from the acquisition price.
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It seems that the valuation of EHGNA was established at 350 mil Euro at the time the original transaction was agreed upon. (either that would have been specifically stated at the time, or Thor and EHG have agreed now on that being the value at the time the overall purchase price was agreed upon).
Think of it this way ... flip it around. The portion of the purchase price agreed upon when they did the original deal attributed to everything else Thor was buying should not be changed now by either Thor or EHG, so they needed to agree on what portion of the total was attributed to EHGNA and reduce the total purchase price by that amount (thereby keeping the price for everything else the same as what it was originally).
In today's dollars, the 350 mil Euro, converts to just about US$400 mil.
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02-02-2019, 12:21 AM
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#128
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Platinum Member
Join Date: Jul 2012
Posts: 2,380
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02-02-2019, 12:28 AM
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#129
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Platinum Member
Join Date: Aug 2010
Location: Minnesota
Posts: 12,013
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02-02-2019, 04:30 AM
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#130
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New Member
Join Date: Dec 2016
Location: California
Posts: 11
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This is depressing news for Roadtrek owners. The financial picture with reportedly $100M in falsified revenue and total lack of information concerning a desire to keep EHGNA in operation, creates a grim picture for warranty repairs and spare parts to the Ecotrek system. Hopefully, they will release information on their suppliers of the lithium systems so their customers will have somewhere to go. I have begun looking at the ability to install a different system when mine fails. It does appear doable but will cost a bit.
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02-02-2019, 10:00 PM
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#132
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Platinum Member
Join Date: Feb 2016
Location: Portland, Oregon
Posts: 3,142
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Quote:
Originally Posted by wincrasher
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Seems as Marcus Lemonis - Camping World, Eddie Lampert - Sears and Jim Hammill – EHGNA CEOs went to the same school  .
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02-03-2019, 02:25 AM
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#133
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Platinum Member
Join Date: Jul 2018
Location: Texas
Posts: 2,632
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Saw this on rvtrader. Can't figure out the relationship between Hymer and Hymer-American-Fastback. A jeep aftermarket company and an rv maker go together like Sears & Kmart. 
https://www.rvtrader.com/listing/201...KER-5005482542
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02-03-2019, 02:44 AM
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#134
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Silver Member
Join Date: Feb 2015
Posts: 50
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Quote:
Originally Posted by rowiebowie
A jeep aftermarket company and an rv maker go together like Sears & Kmart. |
Fastback sells a poptop camper conversion kit for Jeep
https://www.americanfastbacks.com/shop/jeep/badlands/
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02-03-2019, 12:04 PM
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#135
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Platinum Member
Join Date: Jul 2012
Posts: 2,380
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Quote:
Originally Posted by rowiebowie
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Erwin Hymer NA bought Fastback and we will see what happens with it after the shakeout of the acquisition. Makes sense for them to be in this business. They used to do a pop top on the Nissan commercial van for awhile. The Fastbacks are sold through RV dealers I think with the stuff already installed in a Jeep or maybe you bring in your Jeep and they install it.
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02-03-2019, 05:06 PM
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#136
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Platinum Member
Join Date: Feb 2015
Location: Chaska MN
Posts: 1,711
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I'll repeat my post from the other thread... a well respected dealership individual posted on Facebook this morning that they are expecting to hear some 'good news' from Hymer this week. Presumably that the audit is finished, and what the Hymer family plans to do.
__________________
2021 Promaster 1500 118wb conversion
2019 Roadtrek Simplicity SRT (almost a Zion)
2015 Roadtrek 170
2011 LTV Libero
2004 GWV Classic Supreme
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02-03-2019, 05:07 PM
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#137
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Platinum Member
Join Date: May 2014
Location: Greer, South Carolina
Posts: 2,611
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Quote:
Originally Posted by GeorgeRa
Seems as Marcus Lemonis - Camping World, Eddie Lampert - Sears and Jim Hammill – EHGNA CEOs went to the same school . |
All taught by professor Ken Lay!
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02-03-2019, 06:48 PM
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#138
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New Member
Join Date: Feb 2019
Location: FL
Posts: 9
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Quote:
Originally Posted by mumkin
I'll repeat my post from the other thread... a well respected dealership individual posted on Facebook this morning that they are expecting to hear some 'good news' from Hymer this week. Presumably that the audit is finished, and what the Hymer family plans to do.
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what is the dealership name?
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02-04-2019, 01:08 AM
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#139
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Platinum Member
Join Date: Feb 2015
Location: Chaska MN
Posts: 1,711
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Sunshine State in Florida... one of the few that kept doing warranty work even if you didn't buy it from them. Good people who know their stuff.
Just hope things start limping along again now that the audit is done. The dealers have as many questions as we do.
__________________
2021 Promaster 1500 118wb conversion
2019 Roadtrek Simplicity SRT (almost a Zion)
2015 Roadtrek 170
2011 LTV Libero
2004 GWV Classic Supreme
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02-04-2019, 01:51 AM
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#140
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Platinum Member
Join Date: Aug 2015
Location: California
Posts: 504
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Thor Industries, Inc. (NYSE:THO) Files An 8-K Entry into a Material Definitive Agreement ByME Staff 8-k -February 1, 2019
Among other revisions to the Purchase Agreement, the Amendment (i) documented the fact that EHG sold and transferred the North American operations to be excluded from the Transaction prior to the closing, (ii) reduced the cash purchase price paid by the Company by €170 million (approximately $194 million at the exchange rate as of January 31, 2019).
Wonder to whom EHG NA was sold and transferred to?
Holding company?
I think Leisure Travel could pick up (if the price and terms are right) the Roadtrek brand keeps things in the Canadian family and gives LTV a van product again and an established customer base.
I recall LTV has had challenges building their products fast enough.
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