NEW YORK (AP) -- Recreation vehicle maker Fleetwood Enterprises Inc., which has been operating under bankruptcy protection for three months, has received court approval to sell its motor home assets to a private equity firm for $53 million.
The sale to New York-based American Industrial Partners Capital Fund IV LP includes two motor home manufacturing facilities and Fleetwood's Gold Shield supply subsidiary. The assets are located in Decatur, Ind.
Fleetwood CEO Elden L. Smith said in a statement that AIP is "well capitalized, experienced and committed to growth in the RV industry." He said the company is focused on making the sale a smooth transition for its dealers.
The Riverside, Calif.-based company said it expects the sale to close in "a matter of weeks." It said it sold the assets in a private sale rather than through an auction because it received no other qualified bids.
Fleetwood, which has been coping with falling sales along with broader RV industry, filed for Chapter 11 protection in March. Last month, Northwood Manufacturing, an Eastern Oregon RV maker, bought the company's travel trailer plant near La Grande, Ore.