Middlebury-based Jayco Corp. has entered into a letter of intent to acquire Open Range RV Co. in Shipshewana. Randy Graber will remain president of Open Range, which will operate as a separate, wholly-owned subsidiary.
February 24, 2014
Middlebury, Ind. — Jayco Corporation is pleased to announce that on February 24, 2014 it has entered into a Letter of Intent (LOI) with Open Range RV, based in Shipshewana, IN. The letter of intent contemplates a transaction between the two companies and is subject to the execution of a definitive agreement between the two parties.
Open Range RV will operate as a wholly owned and separate subsidiary with Randy Graber as President.
“The two companies are a natural match.” said Graber. “Culturally speaking, both Jayco and Open Range enjoy strong relationships with their dealer body recognizing the importance of maintaining a partnership style association.”
With growth in excess of 20% annually, the management of Open Range recognized in order to maintain and further increase that type of growth, it was necessary to partner with a larger organization.
“I am extremely excited to be able to take Open Range to the next level, it’s a dream come true.” said Graber.
Derald Bontrager, Jayco's President and CEO made the remark, “Open Range will be a perfect addition to the Jayco family. We are thrilled to partner with someone like Randy Graber who has such vast industry experience and innovative product knowledge.”
About Jayco, Inc.
Jayco, Inc., headquartered in Middlebury, IN, is the world’s largest privately-held manufacturer of recreational vehicles. The company makes and markets towable and motorized RVs under the Jay Series, Baja, Jay Flight, Jay Feather, White Hawk, Eagle, Octane, Pinnacle, Redhawk, Greyhawk, Melbourne, Seneca and Precept brand names. For more information, call 1-(800) RV-JAYCO or visit www.jayco.com