Operations

Fla. Venture Capitalist Acquires N.Y. Coachbuilder

Posted on October 31, 2003 by LCT Staff - Also by this author - About the author

FT. LAUDERDALE — Coach Industries Group, a holding company based here, has purchased Commercial Transportation Manufacturing Corp., which manufactures the Coach brand of limousines.

Coach Industries Group is a start-up company focusing on the luxury vehicle market, Francis O’Donnell, president and CEO, told LCT.

“Coach Industries Group is the parent company and CTMC is the actual manufacturer of the Coach product, that was formerly produced by US Coachworks,” he explained.

O’Donnell cited the projected demand for new vehicles after a few years of economic instability as being a factor in his company’s investment in the coachbuilding industry. “It may not be today, it may not be tomorrow, but certainly in the next 12 to 18 months we believe that the pent-up demand that has been created by aged vehicles is going to create an opportunity,” he told LCT.

O’Donnell described himself as a venture capitalist. He said he does not have a background in the limousine industry and is focusing on the economic opportunities he believes are available.

He said the company plans to get involved in the financing of luxury vehicles and is also looking to manufacture some multi-passenger vehicles, including buses and exotic cars. O’Donnell predicted that finding people with talent and expertise in the industry would not be a difficult task because of consolidations during the last two years.

“We believe that our capital structure and our financing will allow us to attract some of the major players in the industry,” he said. “We’re going to put together an enterprise that excites people not only from a product perspective, but also from a financial perspective.”

On a side note, O’Donnell said US Coachworks of Bohemia, N.Y., still exists, with John Gore as chairman, and is “still an operating company although it no longer manufactures the vehicles.”

O’Donnell also noted that Coach Industries Group was looking into other coachbuilder aquisitions.

Coach Industries Group is listed on the OTC Bulletin Board, a regulated quotation service that provides information about over-the-counter equity securities. These equities are not listed or traded on NASDAQ or other national securities exchanges.

–Kristen Force & Rebecca Christiansen

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