On April 15, 2019, Rapido Group announced that it signed a binding letter of intent to acquire substantially all of the assets related to the Roadtrek RV brand, an operating division of Erwin Hymer Group North America Inc. ("EHGNA"), a company in the midst of receivership proceedings.
On application by Corner Flag LLC, the Ontario Superior Court of Justice (Commercial List) granted an Order on February 15, 2019 appointing Alvarez & Marsal Canada Inc. as receiver and manager ("Receiver") without security, of all of the assets, undertakings and properties of EHGNA. The Receiver commenced a sale process and accepted qualified bids until April 3, 2019. Bids were accepted for all or any portion of the assets owned by EHGNA and preference was given to those bids that contemplated operating the business as a going concern. Pursuant to the letter of intent, Rapido has agreed to purchase substantially all of the assets of EHGNA relating to Roadtrek, and intends to assume the lease of one of the existing manufacturing and assembly facilities. Rapido may hire a workforce that could grow eventually to more than 200 employees.
Alvarez & Marsal LLC, is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services.
Erwin Hymer Group North America, headquartered in Ontario, designs and develops motorhomes.
Rapido SAS is one of the biggest recreational vehicle manufacturer groups in Europe and is the owner of the Westfalia brand.
Osler, Hoskin & Harcourt LLP represented Alvarez & Marsal Canada with a team led by Tracy Sandler that included Andrea Lockhart and Justine Erickson (Restructuring and Insolvency), Sven Poysa (Employment and Labour), Jeremy Dacks and Waleed Malik (Litigation).