SANDY, Utah – Summit Coaches, Inc., has signed and closed an asset purchase and sale agreement under which it has acquired Madison Bay Marine Development, a Washington company, the RV firm reported in a statement today.
As a result of this transaction, Ricardo Ruelos has been named CEO, the company has changed its name to Madison Bay Holdings, Inc., and the corporate headquarters has relocated to Seattle, Wash., according to the company. The existing RV project will continue to move forward under the Summit Coaches name, as a division of Madison Bay.
Over the past three decades, Madison Bay Marine has provided a variety of financial, merger and acquisition, marketing, and sales consulting services to boat manufacturers, retail boat dealers, distributors and other leisure product companies.
"The acquisition of Madison Bay places valuable and practical experience at the helm; the new management's know how and 'been there done that' success is what the company needs to take it to the next level," said Chris Davis, Summit Coaches' outgoing CEO. "As a diligent shareholder, I will continue to support the restructured company and look forward to its success."
"Applying our expertise and success in the boat and marine industry to land recreational vehicles is exciting for me," said Ricardo Ruelos, CEO, Madison Bay Holdings, Inc. "There are many similarities in the core processes, and the customer profiles overlap. Also, one of the strengths of Madison Bay Holdings is the knowledge of, and relationships with, commercial institutions that provide inventory-backed financing."
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