Drew Industries Acquires Canadian Firm

lippert components  rvbusiness creditLippert Components, Inc., a wholly-owned subsidiary of Drew Industries, Inc., which supplies components to the manufactured housing and recreational vehicle industries, has acquired Spectal Industries., Inc. of Granby, Quebec, Canada.

With production facilities in Canada as well as Tennessee and South Carolina, Spectal manufactures doors and windows for commercial and school buses, RVs, trucks and emergency vehicles. Sales in 2014 for the company were approximately $25 million.

Headquartered in Elkhart, Indiana, Lippert borrowed from its $100 million line of credit to pay $22.3 million for Spectal plus contingent consideration based on future sales. MHProNews reported Aug. 18, 2014, Lippert acquired Duncan Systems, Inc. a supplier of aftermarket RV and truck windows and awnings.

As seekingalpha informs MHProNews, Drew’s President Scott Mereness said, We expect to leverage our extensive manufacturing, purchasing, distribution and administrative capabilities to improve the profitability of this business, and we expect this acquisition to be immediately accretive to Drew’s earnings.

Malcolm Lapointe, Chief Executive Officer of Spectal, will be retained to continue managing the business. Products sold under the Spectal name will now be sold under Lippert Components. In Canada, LCI will operate under Lippert Components Canada. Drew has 41 factories located throughout the United States. ##

(Image credit: Lippert Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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