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 boatbuilders 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,” LCI president Scott Mereness said in a statement.
“Taylor Made has many characteristics we look for in acquisitions: great teams, great products with diversified markets and a great opportunity for growth,” Mereness said. “With revenue composition of 20 percent aftermarket, 25 percent industrial and 15 percent international, Taylor Made is a great balance of diversified revenues.”
“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.
A majority of the Taylor Made staff 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 Taylor Made president Jason Pajonk-Taylor.
“Our combined window, glass and windshield team is talented and innovative, as well as experienced in managing growth,” said 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.”
The company expects to leverage its 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,” Mereness said.