KordaMentha KordaMentha is an Australian advisory and investment firm that provides specialist forensic, real estate, turnaround / restructuring and investment management services. The business was formed in April 2002 by Mark Korda and Mark Mentha. Located at
Level 24, 333 Collins Street, Victoria, Australia.
Phone: +61 3 8623 3333

KordaMentha Restructuring sells Crusader Caravans

KordaMentha Restructuring announced today it had sold the business and assets of the Melbourne-based caravan manufacturer Crusader Caravans.

Thirvale Pty Limited (Administrators Appointed) (‘Thirvale’) in its own capacity and as trustee of the Seranth Trust trading as Crusader Caravans has been sold to one of the founders of the business, Mr Serge Velentino, and a group of new investors.

 

Contracts of sale were exchanged yesterday and settlement is scheduled for tomorrow.

 

Rahul Goyal and Craig Shepard of KordaMentha Restructuring were appointed Administrators of Thirvale on 15 March 2016. The Administrators have continued to trade the business as usual whilst running a sale process.

 

Rahul Goyal said today: “After running a competitive sale process, we are pleased to have achieved the sale of the Crusader Caravan manufacturing business which allows this well established, innovative and high quality brand to continue.

 

“We are particularly pleased at the outcome for the 50 dedicated staff who have the security of ongoing employment.”

 

“Current and future customers will be relieved as the purchaser is honouring all approved warranties. This is rare in these circumstances but shows how much the purchaser believes in this business and quality of the caravans.”

 

Once the sale is completed, the Administrators will convene a second meeting of creditors later this month.


Media inquiries:

Michael Smith – +61 3 9440 9387 or +61 411 055 306


 

 

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