Lippert Components, a subsidiary of LCI Industries and supplier to OEMs in transportation markets, recently agreed to acquire CURT Group for approximately $340 million.
The deal is expected to close by the end of 2019, the company said.
CURT is a manufacturer and distributor of branded towing products and truck accessories for the aftermarket.
“With a strong reputation for product innovation, engineering and brand excellence, we look forward to welcoming CURT President (and CEO) Rock Lambert and his team to the LCI family,” said Jason Lippert, CEO and president of LCI. “Culturally, CURT is a strong fit, with a deep focus on delivering innovative products and an unwavering commitment to quality and superior customer service. Its highly complementary portfolio, combined with its strong brands and extensive distribution network, will significantly expand our addressable market.
“With a track record of delivering remarkable financial performance and strong cash flow generation, we believe that the addition of CURT will further advance our long-term growth strategy to bring our core competencies to new, attractive markets and diversify our business to drive outperformance throughout the cycle.”
CURT, headquartered in Eau Claire WI, maintains a portfolio comprised of thousands of SKUs across various product lines, including hitches, towing electricals, ball mounts and cargo management. The company owns and operates a stable of brands, including Aries, Luverne, Retrac and UWS. Leveraging a multi-channel model, CURT serves customers across e-commerce, direct-to-installer and distribution channels.
In addition, CURT has a wide distribution network, with centers located throughout the US to serve its North American customers. For the 12-month period ending Sept 30, CURT delivered approximately $255 million of revenue, LCI said.
“With its proven track record of building high-quality products and successfully sourcing and integrating companies, LCI is an ideal partner for us,” Lambert said. “Both LCI and CURT have strong reputations and positions fostered through a culture of innovation, history of high-quality products, customer satisfaction and retention, and manufacturing excellence.
“We look forward to joining the team and further positioning the business for long-term success.”