Valley Towing has officially been purchased by Revstone Industries LLC, a global manufacturing company involved in the metals, plastics, aerospace and specialty products industries, RV PRO has learned.
“It is official that we’ve been purchased by Revstone,” said John Tiger, president of Cobra Sales, which is the rep group for Lodi, Calif.-based Valley Towing. As part of the agreement, Valley will become part of Revstone's RPRM-tec, Revstone's aftermarket group of businesses, and will continue to operate under the Valley Towing Products name.
The purchase price and other details regarding the sale remain private, but officials with Valley said the deal is favorable to the company. As part of the agreement, Valley’s existing management team will remain in place. This includes George Caplea, president and CEO; Richard Marsden, CFO; Larry Fisher, vice president of sales and marketing; Chris Fudala, vice president of engineering; and Brian Rishell, vice president of global sourcing and purchasing.
RV PRO was not immediately able to contact anyone from Revstone, which is headquartered in Lexington, Ky., to comment on details of the purchase. According to the company Website, Revstone engineers, designs, manufactures and markets products and services used in a wide range of industrial and consumer applications that generates more than $1 billion in revenues.
Established in 2008, the company is a global operation with offices in Detroit, New York and the Netherlands with manufacturing facilities across the U.S., Canada, Costa Rica and Mexico. Revstone is currently expanding into China and Europe.
Valley’s management team acquired the company from Thule in June 2009. Officials with Valley said that the deal with Revstone will provide the company with the financial resources it needs to grow and increase market share in the towing market.