FT. LAUDERDALE, Fla. – Coach Industries Group continued to move ahead with its plans to be a major player in the industry with the purchase of its second coachbuilder, Springfield (Mo.) Coachbuilders.
The Springfield purchase follows by two months Coach Industry’s purchase of Islip, N.Y.,-based Commercial Transportation Manufacturing Corp., the manufacturer of the U.S. Coach line of limousines.
Coach Industries, based in Ft. Lauderdale, Fla., also announced that it has named John Bumgarner, Springfield Coachbuilder founder and CEO, as its chairman of the board.
“The acquisition of Springfield Coachbuilders and Commercial Transportation Manufacturing Corp. comes at an idea point in the limousine industry’s business cycle,” Baumgarner noted in a statement. “We are beginning to see a significant cyclical upturn in business stemming primarily from pent-up demand.”
Coach Industries is headed by Frank O’Donnell, who has described himself as a venture capitalist.
He stated that the purchases “will provide us with an expanded geographic footprint, as well as the ability to expand our product lines and services outside the limousine industry to include after-market customizing of high-end and exotic automobiles.”
He stated that he expects Coach Industry’s 2004 revenues will exceed $25 million.
Coach Industries is listed on the OTC Bulletin Board, a regulated quotation service that provides information about over-the-counter equity securities.
- Eric Lassiter