2019 RVIA Economic Impact Study

The new RVs Move America Economic Impact Study, released June 3, 2019 at the annual meeting of RVIA, revealed the RV industry has an overall economic impact on the US economy of $114 billion, supporting nearly 600,000 jobs, contributing more than $32 billion in wages, and paying more than $12 billion in federal, state, and local taxes. The announcement was made by Garry Enyart, RVIA chairman, and Onan/Cummins Director of Mobile Generator Sales & Coach Care.

For more information on the $114 billion total economic impact and what it includes, click here.

Lippert Components Offers to Acquire Lewmar Marine

Wed Jun 12, 2019
Author: RV News Staff

156035424492532.jpgLCI Industries announces its wholly-owned subsidiary Lippert Components Inc. (LCI), a supplier of a broad array of highly-engineered components for the leading original equipment manufacturers of leisure vehicles and mobile transportation, and the related aftermarkets of those industries, has reached an agreement with the board of directors of Lewmar Marine, a supplier of leisure marine equipment, headquartered in Havant, United Kingdom, on the terms of a recommended cash offer for Lewmar by LCI, pursuant to which LCI would acquire the entire share capital of Lewmar.

LCI’s offer will be presented to Lewmar’s shareholders and, as required by Scottish law, the Scottish Court for approval. Sales of the soon-to-be-acquired business for the twelve months ending December 2018 were approximately $70 million. LCI’s initial cash offer is approximately $42 million, or approximately $1.83 per share, and allows for additional consideration up to $3 million, or approximately 14 cents per share. At the time of announcement, LCI has received pledges from Lewmar shareholders representing approximately 80.7 percent of existing shares to vote in favor of the acquisition. LCI plans to close on the transaction upon approval by the shareholders and the Scottish Court.

Founded in 1946, Lewmar has grown to be one of the world’s leading suppliers of leisure marine equipment for yachts, sailboats and powerboats. Lewmar designs, manufactures and distributes a wide range of components including anchoring systems, hatch and portlight solutions, powered and manual glazing systems, sail control winches and hardware, decking products and steering systems. Besides their headquarters in the UK, Lewmar also operates a sales and distribution facility in Guilford, Conn. The boards of LCI and Lewmar believe the acquisition would bolster both company’s respective end markets, product offerings, manufacturing capabilities, as well as geographic reach, helping to serve customers better.

“This is an exciting opportunity for Lewmar and represents the best strategic option for Lewmar and its employees,” Lewmar Managing Director Peter Tierney says. “The acquisition fairly reflects Lewmar's current market position and prospects, and as such, Lewmar Shareholders should be given the opportunity to realize value from this acquisition.”

Jason Falk, VP of Mergers and Acquisitions for LCI says, “Lewmar is a highly-respected brand within the global leisure marine industry with a strong and well-regarded leadership team. I have enjoyed getting to know the Lewmar team through the acquisition process and believe that they align with LCI’s core values, which is something that we strongly consider when making any acquisition. We believe that the integration of Lewmar will be well organized and will achieve great synergies. Following completion of the acquisition, Peter Tierney will have managerial responsibility for both the Lewmar and Trend UK businesses.”

Jason Lippert, CEO & President of LCI says, “The marine industry has been a continued target of growth for LCI, and with the acquisition of Lewmar, we are expanding this strategy to a global level. This is our sixth acquisition within the global leisure marine market, as well as our sixth acquisition in Europe. All of this points to our strategy to be a significant player in the global marine, rail and caravan markets domestically and in Europe. LCI’s capabilities and experience play well into Lewmar’s market. I have the utmost trust in Peter to grow and lead this business in Europe. I am really excited to see the positive effect that our combined leadership team will have on our global marine efforts.”