M&A News

Camping World Acquires Jack Sisemore Traveland

Camping World Holdings announced its acquisition of Jack Sisemore Traveland in Amarillo, Texas.  Camping World currently operates full-service SuperCenters in Anthony, Cleburne, Houston, Lubbock, Mesquite, San Antonio, Sherman, and Tyler, Texas and retail accessory stores in both Denton and Fort Worth. The Jack Sisemore Traveland acquisition further expands the market footprint, increasing Camping World’s current presence in the state of Texas to eleven locations.

LCI Acquires Italy-based Metallarte

LCI Industries announced that its wholly owned subsidiary, Lippert Components, has acquired Metallarte, a Siena, Italy-based manufacturer of entry and compartment doors, and its subsidiary, RV Doors, a Venice, Italy-based manufacturer of driver-side doors, for the European caravan (RV) market. Revenues of Metallarte in 2016 were approximately $12 million. LCI paid a reported $16.8 million in cash at closing, plus an earnout based on future sales.

Malibu Boats, Inc. Acquires Cobalt Boats, LLC

Malibu Boats, Inc. (NASDAQ: MBUU) announced today that it has entered into a definitive agreement to acquire Cobalt Boats, LLC (“Cobalt”), a privately held, leading manufacturer and distributor of premium sterndrive and outboard boats for an aggregate purchase price of $130 million. For the last 12 months ended March 31, 2017, Cobalt generated approximately $140 million in net sales indicating a valuation metric equal to 93% of trailing 12-month revenue.

Founded in 1968, Cobalt is the market leader in the mid to large-sized sterndrive boat market and their recent expansion into the surf and outboard markets provides further opportunities for Cobalt to reach additional customers. Cobalt manufactures and sells water sport boats, cruisers, bowriders and outboard boats for cruising, skiing, entertainment, surfing, fishing and other recreational uses on lakes, rivers, intercoastal waterways and oceans. Cobalt is a world class brand with a product portfolio of twenty-four models across six proprietary, industry-leading series. Cobalt sells its boats through a well-established dealer network of 132 locations in the United States, Canada, and overseas.

The transaction makes a lot of sense for both companies.  The acquisition combines two premium, best-in-class recreational boating brands, further strengthening Malibu’s leading position in the powerboat industry.  Cobalt’s comprehensive portfolio of quality products also provides Malibu greater scale and a more balanced portfolio.  Last, Cobalt’s complementary distribution network allows for more market opportunities across multiple segments within the recreational boating industry.

Forest River Acquires Turtle Top, a Premier Bus & Specialty Vehicle Manufacturer

Forest River acquired the assets of Turtle Top, a premier luxury bus manufacturer based in New Paris, Indiana.  Turtle Top, a family-owned RV manufacturer since 1962, is widely recognized today as a leader in the luxury transportation industry. Turtle Top designs and manufactures buses and specialty vehicles for some of the most prestigious names in the motor coach industry, as well as numerous state and government agencies.  Turtle Top’s current bus models include the Van Terra, VT3, Odyssey, Odyssey XL, Odyssey XLT and MPV, which provide convenient and dependable transportation for colleges, churches, assisted living facilities, retirement communities, transportation companies and government agencies. In addition, Turtle Top’s specialty vehicle division builds everything from limousines to bloodmobiles and prisoner transport units to mobile offices.

“We are excited to welcome Turtle Top to the Forest River family. Turtle Top and their dedicated employees have built a history of integrity, quality and innovation and enjoy one of the best reputations in our industry today,” stated David Wright of Forest River. “We are honored that they have chosen Forest River to continue the tradition that they have dedicated themselves to building for more than 50 years.”

Details of the transaction were not announced.

KPS Capital Acquires DexKo Global

KPS Capital, a New York-based private equity group, announced that it has acquired DexKo Global and its affiliates. DexKo Global is a global supplier of highly engineered running gear, chassis assemblies, and related components to recreational vehicle, utility trailer, manufactured housing and specialty trailer markets.

DexKo Global was formed at the end of 2015 through a merger of Dexter and AL-KO Vehicle Technology. The company is headquartered in Novi, Michigan, and has over 4,500 employees at 39 manufacturing facilities and 25 distribution centers around the world. The financial terms of the transaction were not disclosed.

LCI Industries acquired RV Seating Maker Lexington, LLC

LCI Industries (often referred to as Lippert Components) acquired Lexington, LLC, a manufacturer of high quality seating solutions for the recreational vehicle, marine, transportation, medical and office furniture industries. Lexington’s revenues for the twelve months ending December 2017 are anticipated to be approximately $60 million. Details of the transaction were not disclosed.