According to a statement released by the 15-year-old manufacturer today, “the company has undergone a complete restructure, trimming down to a lean and efficient financial model... following an injection of capital (and) the introduction of new ownership and management”.
While not disclosing what role Crusader Caravans’ founder Serge Valentino will have in the restructure, Crusader said “Valentino and the new partners are in complete alliance with the vision and potential of this iconic caravan brand”.
It’s not clear whether the cash injection will clear the company’s debts, believed to be around $4 million, or whether the new partners in the business have an RV background.
Crusader said the new owners would offer “expertise in management, systems and processes to improve the Crusader business”.
The company also said it had the "committed support of its employees, its national dealer network and major component suppliers".
Known for its eye-catching designs,
Crusader Caravans employed 60 people as of last month and had dealers
in Victoria, Western Australia, Queensland and NSW selling 18 different
models. According to reports the manufacturer had 100 orders in the
pipeline when its financial problems were made public last month.
Crusader Caravans' spokesperson Max Mayo did not respond to requests from Caravancampingsales for further details.
Comments from current owners on Crusader's Facebook page were mostly positive after hearing the news with Greg Gin saying: "Glad to hear that Crusader have been able to sort out their management structure. We are very happy with our 2016 Musketeer Athos, well made and we had very good service and advice."
However, others like Megan Hockenhull were less impressed, criticising the company for removing unfavourable comments about the business from the Facebook page.
"It is disrespectful to remove posts from your customers regarding their issues, my post was not rude or otherwise just truthful information due to experience... This is your chance to make a comeback, don't destroy it by being rude," she said.
It's believed advisory firm KordaMentha received four bids from prospective buyers after it was appointed the administrator last month.
It’s the second time in less than 12 months that Crusader Caravans has hit the headlines, after it was forced to deal with the fallout after a Crusader caravan owner was fined for having an illegally-positioned rego plate.