Covercraft, parent company of RV cover manufacturer ADCO, acquired Lloyd Mats, a supplier of custom fit carpeted floor and cargo mats for cars, trucks, vans, SUVs and RVs.
Lloyd Mats was established in 1978 and has developed a library of customer floor mat categories, with multiple branded, licensed and personalized versions of the company’s floor mats available.
Matt Jordan, Covercraft CEO, said Lloyd Mats is a premier source of carpeted floor mats and is excited for the company to integrate with Covercraft.
“We see strong alignment in terms of quality, values and service levels that we believe makes this acquisition a mutually complementary fit,” Jordan said, “not just for the companies but also for our customers seeking to protect the things that are important to them.”
Brendan Dooley, Lloyd Mats president, said the merger will provide additional resources and growth opportunities for his company, while preserving its focus on high-quality products and fast, effective service.
“Lloyd’s management team looks forward to working with the Covercraft team to build together what we feel could become the most comprehensive vehicle protection company in the industry,” Dooley said.
This acquisition is the first completed under Covercraft’s new ownership, Audax Private Equity, which acquired Covercraft in September. Jason Ellis, managing director at Audax, said Covercraft has established itself as long-standing leader in the vehicle protection accessories market.
“This is an exciting first step on the path to expanding the markets we serve,” Ellis said, “bringing in new skills and knowledge, and leveraging Covercraft’s skills in driving growth and efficiency.”
