The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Thu Dec 14, 2017
TROY, Mich.—Horizon Global Corporation, has announced it has entered into a definitive agreement to acquire the Brink Group from H2 Equity Partners. The Brink Group is an industry-leading innovator and manufacturer of towbars, wiring kits and towing accessories.
Headquartered in the Netherlands and with more than 75 years of towbar expertise, the Brink Group works closely with original equipment manufacturers and original equipment suppliers on various programs and also serves the aftermarket channel of the towing and trailering industry. The Brink Group produces nearly one million towbars annually, its products can be found on about 25 million vehicles worldwide. The Brink Group currently operates nine facilities in eight countries around the world.
With annual revenue of about $150 million, the Brink Group’s addition to the Horizon Global portfolio will enhance the company’s industry-leading product innovation and manufacturing capabilities. After the acquisition, the combined company’s robust and respected product portfolio will more effectively serve its global customers across the OEM, OES, aftermarket and retail channels.
“We look forward to adding the Brink Group’s powerful product portfolio and manufacturing expertise to that of Horizon Global’s, and we are confident this combination will enhance our ability to better serve our customers and end users across all markets that we serve,” Horizon Global President and CEO Mark Zeffiro says. “We expect the acquisition to be accretive to earnings during its first full year as part of Horizon Global through a combination of operating performance and the realization of certain synergies. The new Horizon Global will greatly benefit customers with a strengthened global platform, broader product offerings and enhanced product innovation and design expertise.”
• Positive and compelling strategic fit for both companies in a consolidating industry
• Strength in OES channel to better support existing global customers in the region
• Expected to be accretive to earnings during its first full year
• Complementary regional aftermarket presence
• Purchase price of €169 million will be financed through new long-term debt and cash on hand
• The combined company will have about 5,300 employees, operating 67 facilities in 21 countries to effectively serve its global customers
• The parties expect to complete the transaction by the end of the second quarter 2018, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals
“This significant acquisition will strengthen our global platform and give our company the reach, product offering and customer access to build on our leadership position in the OEM, OES, aftermarket and retail channels in the markets we serve,” Zeffiro says. “Our team has a proven ability to integrate businesses and grow both existing and newly acquired brands. We expect these efforts to improve our margin profile and increase shareholder value. We look forward to welcoming the entire Brink Group team to the Horizon Global family, and we are excited to continue serving our global customers with top-quality, innovative products.”
Jefferies LLC is serving as financial advisor to Horizon Global in the transaction, with Ernst & Young LLP providing due diligence services. Eversheds LLP is acting as the company’s legal advisor.
Houlihan Lokey is serving as financial advisor to the Brink Group in the transaction, with Deloitte Transaction Services and Roland Berger providing due diligence services. Houthoff is acting as the company’s legal advisor.