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 .
Mon Jan 29, 2018
LCI Industries announced that its wholly-owned subsidiary, Lippert Components, Inc., expects to enter into an agreement to acquire Taylor Made Group, LLC. Lippert officials said the acquisition would be the largest in company history. Headquartered in Gloversville, New York, Taylor Made is one of the recreational marine industry's largest, most diversified suppliers to boat builders and the aftermarket, as well as a key supplier to a host of other industrial end markets.
"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," says LCI's CEO Jason Lippert. "Taylor Made has many characteristics we look for in acquisitions: great teams, great products with diversified markets, and a great opportunity for growth. With revenue composition of 20 percent aftermarket, 25 percent industrial, and 15 percent international, Taylor Made is a great balance of diversified revenues.”
Taylor Made operates out of ten facilities, including two in Europe. Sales of the soon-to-be-acquired business for the twelve months ending December 2017 were approximately $150 million, states a press release from Lippert, based in Elkhart, Indiana. The transaction is expected to close within two weeks, though such closings are subject to the completion of negotiations and the execution of a mutually agreeable purchase agreement.
"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," says Dennis Flint, chairman and CEO of Taylor Made.
Once the acquisition is complete, a majority of the Taylor Made team 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," says Jason Pajonk-Taylor, resident of Taylor Made.
"Our combined window, glass, and windshield team is talented and innovative, as well as experienced in managing growth," added LCI's President Scott Mereness. "On the heels of another large acquisition last year, Taylor Made will be LCI's largest acquisition in the company's history 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. We expect to leverage our 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."