LCI Industries (formerly Drew Industries), a supplier of components for the leading original equipment manufacturers of recreational vehicles (“RVs”) and adjacent industries, and the related aftermarkets of those industries, tells MHProNews that it has acquired Lexington, LLC for $40 million.
Based in Elkhart, Indiana, Lexington manufactures high quality seating solutions for the marine, RV, transportation, medical and office furniture industries. LCI Industries completed the acquisition via its wholly owned subsidiary, Lippert Components, Inc.
“We are excited to add Lexington’s business and employees to our growing portfolio of furniture solutions for the marine, RV and adjacent industries,” said LCI’s President Scott Mereness.
“LCI is the leading provider of furniture solutions for the RV towable industry, and with the addition of Lexington’s high quality products, design and manufacturing teams, and strong customer relationships, the leading supplier of pontoon furniture as well.”
LCI says that current Lexington President Jeff Wysong will remain with LCI and continue to lead Lexington.
“LCI is a great strategic fit for our company as well as our customers, and I am excited to be a part of their dynamic team,” said Wysong.
“LCI has vast resources and great teams that will certainly help strengthen Lexington as we combine with LCI’s marine divisions to offer even better solutions to the marine market and its customers.”
“Our combined marine furniture team is talented and innovative, as well as experienced in managing growth,” said Jason Lippert, LCI’s Chief Executive Officer.
“Lexington is our largest acquisition in the past 20 years, and is representative of our strategy of quickly assembling a portfolio of companies and products that will help us become a major contributor to marine component designs and solutions. We expect to leverage our purchasing, sales, distribution and administrative capabilities to improve the profitability of this business, and we expect this acquisition to be immediately accretive to LCI’s earnings.”
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Submitted by RC Williams to the Daily Business News for MHProNews.
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