Lippert Enters Into Definitive Agreement to Acquire Furrion Holdings Limited
August 4, 2021
Elkhart, Ind. — LCI Industries (NYSE: LCII) (the “Company”) today announced that its wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”), a supplier of a broad array of highly engineered components for the leading original equipment manufacturers (“OEMs”) in the recreation and transportation product markets, and the related aftermarkets of those industries, has entered into a definitive agreement to acquire Furrion Holdings Limited (“Furrion”), a leading distributor of a large range of appliances and other products to OEMs and aftermarket customers in the recreational vehicle, specialty vehicle, utility trailer, horse trailer, marine, transit bus, and school bus industries. Furrion’s forecasted 2021 sales are approximately $230 million. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions, including regulatory approval
“We are very excited to welcome Furrion to the Lippert family,” said Jason Lippert, President and CEO of Lippert. “Our organizations got to know each other very well during our partnership in which Lippert sold Furrion appliances and electronic products to OEMs and aftermarket customers throughout the United States and Canada. Furrion has a strong management team led by CEO Darren Ho and Chief Technology Officer Steve Bell, along with Furrion’s innovative R&D and engineering teams in Hong Kong, the United States, and mainland China. I believe the two companies can do great things together, and I look forward to seeing how we can innovate products to transform the industries we serve.”
With headquarters in Hong Kong, China, and Elkhart, Indiana, Furrion has become a premier supplier of appliance, appliance accessories, and audio-visual products since entering the RV industry in 2007 and is best known for innovating new appliance products and introducing state-of-the-art camera technology. Furrion’s robust catalog of electronics and appliances complement Lippert’s OEM product roadmap by adding audio-visual components, observation camera systems, a full range of kitchen appliances, and energy and power management systems that will allow Lippert to offer an even-more widespread range of products to the industry. In addition to supplying OEMs, Furrion has a strong aftermarket business, both online and in-store, contributing over 30% of its revenues, and Furrion’s products are featured in many RV dealerships across the United States. Lippert’s plan is to use its existing relationships to expand Furrion’s distribution of products into its sales channels, including RV, marine, Europe, and adjacent industries, as well as the aftermarkets of those industries.
Ryan Smith, Group President – North America for Lippert, commented, “Our sales and management teams on both the OEM and Aftermarket sides of the business are familiar with Furrion’s products and business lines, which should make for a smooth transition as we integrate Furrion into the Lippert family following the closing. Lippert’s goal is to inject more resources into research, development, and innovation in order to bring more great products to all of our markets. The runway for our two companies is vast. We believe the estimated total addressable market for Furrion products to be over $1.5 billion in North America alone. Lastly, I want to thank all of the teams at Lippert and Furrion who worked hard over the last several months to help get this transaction to the point of signing a definitive agreement.”
Regarding Lippert’s European and Australian business, Jason Lippert commented, “Furrion will also fit well into Lippert’s strategic global product road map with opportunities to broaden its product offerings through existing Lippert relationships in these new markets for Furrion. We believe that the European and Australian markets are especially attractive. With Furrion’s talented design and engineering teams, along with Lippert’s strong European leadership teams, we intend to focus on capitalizing on our significant global customer relationships to unlock opportunities in the European and Australian Caravan Industry.”
“Furrion is extremely excited about this opportunity to join the Lippert family,” said Darren Ho, Furrion CEO. “Over the life of the company, everything Furrion has accomplished has been due to its great team members and partners. As we move forward in taking Furrion to the next level, we could not have found a more complementary partner. Our history with Jason, Ryan, and their teams, the culture at Lippert, and its proven track record makes Lippert the perfect partner for us and together we hope to achieve amazing results.”
About LCI Industries®
From over 140 manufacturing and distribution facilities located throughout North America, Africa and Europe, Lippert™ supplies a broad array of highly engineered components for the leading manufacturers of recreational vehicles, automobiles, watercraft and prefab homes. It also operates in adjacent markets, including hospitality, transportation, construction and agriculture. Lippert™ serves a wide range of aftermarket segments, providing high-quality products for the recreational vehicle / caravanning, automotive and marine industries. With over 12,500 team members and a diverse portfolio of best-in-class brands, Lippert™ adopts a team-based business philosophy and has proven that, by putting people first, the possibilities for growth and development are truly endless.
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