Lippert has entered into an agreement to acquire Furrion, with the transaction expected to close in the third quarter, Furrion said in a statement.
The news comes on the heels of Lippert parent LCI Industries reporting a record second quarter in which it saw net sales surge 108 percent to $1.1 billion.
“As we move forward in taking Furrion to the next level, we could not have found a more complementary partner,” said Furrion CEO Darren Ho.
Furrion’s range of products — electronics, appliances, camera systems, power distributors, off-grid energy solutions and more — supply OEMs and the aftermarket in the marine and RV segments, as well as specialty vehicles and other transit outfits. The company, which has headquarters in Elkhart, Ind., and Hong Kong, forecasts that 2021 net sales will be approximately $230 million.
Lippert said it plans to expand Furrion’s market share in the United States and abroad.
“Furrion will … 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,” president and CEO Jason Lippert said. “We believe that the European and Australian markets are especially attractive.”
Added Lippert group president Ryan Smith: “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.”