Budget Group’s Cruise America, VPSI Sold

The sale of the RV rental and sales company, Cruise America, and VPSI, the commuter van pooling company, has recently been closed by Budget Group, Inc.

An investment group including Cruise America original founders Randall Smalley and Robert Smalley Jr., as well as other com-pany management, purchased 80.1% of the company.

Financing assistance was provided by Thor Industries, Inc., one of the largest recreational vehicle manufacturers and a primary supplier of RVs to Cruise America. Thor expects sales of approximately $30 million from Cruise America.

VPSI was sold to an investment group based in Indianapolis and VPSI management.

The Cruise America sale gave Budget Group, Inc. approximately $27.5 million in cash and notes receivable, and the VPSI sale gave the company approximately $27 million in cash and notes receivable.

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