LCI Industries (NYSE:LCII) through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert" or the "Company"), a supplier of a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreational vehicle and marine product markets, and the related aftermarkets of those industries, today announced that its subsidiary, Lippert Components Manufacturing, Inc., has acquired substantially all of the furniture business assets of CWDS, LLC, a subsidiary of Camping World Holdings, Inc. ("Camping World"), effective May 3, 2024. This strategic acquisition expands Lippert's furniture portfolio, allowing it to continue its mission of offering a comprehensive selection of products to RV and marine OEM and aftermarket customers. Lippert expects the transaction to improve the customer experience through enhanced product offerings and innovative solutions in the RV and marine industries.
Lippert first entered the RV interiors segment in 2009 and over the past 15 years has grown to be the leading supplier of furniture to the RV industry. This acquisition is expected to create immediate synergies and enable Lippert to continue to provide quality RV interior solutions to both the OEM and Aftermarket segments.
Lippert, as a Camping World premier vendor, will have the opportunity to influence how its products are positioned within the Camping World retail stores. Additionally, Camping World and Lippert will work together to enhance selection on Camping World's online marketplaces, campingworld.com and overtons.com, utilizing Lippert's vast RV, automotive and marine product catalogs.
"We are very excited to bring the Lippert and Camping World partnership to new levels," said Jason Lippert, President and CEO of Lippert. "While we have been key partners for years, both organizations feel strongly that there is more to do to improve the customer experience as suppliers and dealers. Our goal is to combine Lippert's technical subject matter expertise, training, products, and innovation with Camping World's vast network of dealerships to be the leading force in RV installations, enhancements and repairs."
Marcus Lemonis, Chairman and CEO of Camping World commented, "We look forward to our expanded partnership as we collectively work toward further elevating the retail and service experience in our dealerships."
About LCI Industries
LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of recreational vehicles and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; tankless water heaters; and other accessories. Additional information about Lippert and its products can be found at www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" including with respect to the expected synergies of the transaction and the expected impact of the transaction on the Company's products, solutions, positioning, online presence, markets, prospects, strategies, efficiencies, customer experience and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include that the Company may be unable to achieve expected synergies and other expected benefits from the transaction within the expected time frames or at all, the transaction may involve unexpected costs or liabilities, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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