A private-equity firm that once owned Heartland RV and Airxcel is making another investment in the RV space. This time, the target is an adventure van manufacturer.
L Catterton said the company made a “significant investment” in Storyteller Overland. The Alabama-based manufacturer launched in 2018 and builds motorhomes under its Mode and GXV Hilt brands.
The companies said L Catterton’s investment will accelerate the manufacturer’s growth plans. Storyteller Overland will boost product development initiatives, invest in manufacturing capabilities and enhance its dealer network. Currently, the manufacturer has over 40 dealer partners nationwide.
The companies said the investment will enable Storyteller Overland to explore new expansion and innovation opportunities.
Storyteller Overland CEO Jeffrey Hunter said, “We are so excited for this brilliant partnership with L Catterton. Their deep expertise in the consumer sector, coupled with their track record of supporting high-growth companies, makes them an ideal partner as we continue to expand our business and bring our vision of adventure to more people around the world.”
L Catterton also owns Taxa Outdoors, which it acquired in March 2022. The private-equity firm sold its Airxcel stake in September 2021 to Thor Industries. Three years after buying the RV manufacturer, the company sold Heartland RV to Thor in 2010.
Matt Nugent, a partner in L Catterton’s Growth Fund, said Storyteller Overland was a clear adventure vehicle leader.
“In just a few years since its founding, Storyteller Overland has captured considerable market share and has established itself as the new standard of excellence for Class B RVs,” Nugent said. “We look forward to working with the Storyteller Overland team to continue growing its adventurer community and to help them reach new levels of success.”
Other investors joining L Catterton in the deal include RX3 Growth Partners, Wheelhouse and Virentes Partners Group.
