Lippert Components Inc., a subsidiary of LCI Industries, has agreed to buy Taylor Made Group LLC. Terms of the agreement, which the companies expect to close in two weeks, were not disclosed.
Based in Gloversville, N.Y., Taylor Made is one of the recreational marine industry’s largest and most diversified suppliers to boat builders and the aftermarket. Taylor Made operates from 10 facilities, including two in Europe. Sales of the soon-to-be-acquired business for the 12 months that ended in December were about $150 million.
“LCI is one of the leading providers of windows for the RV towable industry, and with the addition of Taylor Made’s products, will be a leading supplier of marine and industrial market windshields as well,” said LCI’s President Scott Mereness. “Taylor Made has many characteristics we look for in acquisitions: great teams, great products with diversified markets, and a great opportunity for growth. With revenue composition of 20 percnt aftermarket, 25 percent industrial, and 15percent international, Taylor Made is a great balance of diversified revenues,” added Mereness.
“This is an exciting time in the marine industry and Taylor Made could not be more pleased to join with Lippert, a combination that brings together leading brands, manufacturing expertise, and global capabilities. We will work together to bring increased value and innovation to Lippert’s and Taylor Made’s mutual associates, team members, customers, and consumers,” said Dennis Flint, Chairman and CEO of Taylor Made.
Once the acquisition is complete, a majority of the Taylor Made team will remain with LCI to lead the acquired business under the direction of Jason Falk, Vice President of Operations. “Together, as one company, Lippert and Taylor Made will have more resources to fully serve our respective customers, and will be very well positioned for long-term, sustained growth,” said Jason Pajonk-Taylor, President of Taylor Made.
“Our combined window, glass, and windshield team is talented and innovative, as well as experienced in managing growth,” added Mereness. “On the heels of another large acquisition last year, Taylor Made will be LCI’s largest acquisition in the last 22 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.”