Lippert Components Industries has acquired the furniture manufacturing operations of Smoker Craft Inc. for $28 million. LCI said in a statement that it expects the first year’s revenues from the business to be about $35 million. "This will be our fourth marine furniture acquisition in the last four years and as we continue
to grow in the marine space, more opportunities continue to present themselves,” said Jason Lippert, CEO, in the statement. “This line of business has grown so significantly that earlier this year we opened a 700,000-square foot facility in Fort Wayne, Indiana to serve our marine customers.”
Lippert said that the Smoker Craft business would remain in New Paris, Indiana. “This is very similar to the furniture manufacturing operation that we purchased from Godfrey Marine in 2016, and that transition went extremely well," he added.
The two sides entered into a long-term supply agreement as part of the deal.
Doug Smoker, president and CEO of Smoker Craft, said the sale was part of his company’s long-term strategy. "In the future this move will free up manufacturing space, giving us the ability to concentrate on building boats,” said Smoker in the statement.