LCI Industries Acquires Italian-Based Manufacturers Metallarte And RV Doors
ELKHART, Ind. - LCI Industries ("LCI"), a supplier of components for the leading original equipment manufacturers ("OEMs") of recreational vehicles ("RVs") and adjacent industries, and the related aftermarkets of those industries, today announced that its wholly-owned subsidiary, Lippert Components, Inc., has acquired Metallarte S.r.l., a Siena, Italy-based manufacturer of entry and compartment doors, and its subsidiary, RV Doors, S.r.l., a Venice, Italy-based manufacturer of driver-side doors, to the European caravan (RV) market. Consolidated sales of the acquired business for 2016 were approximately €11 million (US$12 million).
The purchase price was €14.7 million (US$16.8 million), which was paid at closing from available cash and borrowings under the Company's $200 million line of credit, plus contingent consideration based on future sales.
"Metallarte is a wonderful and quickly growing European caravan components supplier," said LCI's President Scott Mereness. "In 2016, we acquired Italian-based Project 2000 S.r.l., a manufacturer of motorized entry steps, bed lifts and RV accessories, as a foundation for LCI in the European RV market. We followed Project 2000 with another Italian-based company, train window manufacturer Sessa Klein S.p.A. Metallarte is our third European acquisition in 13 months. We believe this transaction further accelerates the opportunities to expand LCI's product offerings for the European RV market. We welcome Metallarte to LCI, and look forward to working closely with their team to grow their business in Europe. We expect this acquisition to be immediately accretive to LCI's earnings."
"We continue to build on our international growth opportunities," continued Mereness. "Our strong balance sheet combined with excellent operating cash flow allows us to continue to significantly invest in future growth. The European RV market produces 170,000 units annually and we look to expand our presence as a key supplier to this market."
With over 90 manufacturing and distribution facilities located throughout North America, Europe, Africa, and Asia, Lippert™ is a leading, global manufacturer and supplier of highly engineered products and customized solutions dedicated to shaping, growing, and bettering the RV, marine, automotive, commercial vehicle, and building products industries, and their adjacent markets. Lippert also serves a broad array of aftermarket segments, supplying best-in-class products designed to enhance recreational pursuits, both on the road and on the water. From powerful towing technology and automated RV leveling systems, to boating furniture and one-of-a-kind shade solutions — Lippert combines strategic manufacturing capabilities with the power of our winning team culture to deliver unrivaled Customer Service, award-winning Innovation, and premium Products to every industry and person we serve.
3501 County Road 6 East
Elkhart, IN 46514