REV Group Acquires Midwest Automotive Designs
The REV Group (NYSE: REVG), a $2+ billion manufacturer of specialty vehicles, recently acquired Midwest Automotive Designs (“Midwest”), a leading converter and upfitter of luxury vans and RVs.
Midwest was formerly owned by private equity group, Pegasus Capital Group (“Pegasus”). In just three years as part of the Pegasus portfolio, Midwest’s revenue more than doubled to $45 million. Founder and President, Tim Gray, remained a major shareholder following the original investment. Gray’s leadership and the capital infusion accelerated the company’s expansion by leveraging Midwest’s superior products, reputation and brand to develop new markets and distribution channels, including those for Class B RVs.