October '20

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rv-pro.com October 2020 • RV PRO • 25 said he is optimistic about the company's prospects moving forward. "We expect heightened RV demand to continue, signaling a paradigm shift for the industry as consumers are increas- ingly drawn into the RV lifestyle as a safe way to spend time with family in the outdoors. As a leader in innovation, LCI has a significant opportunity to further enhance its competitive position in the space," he said. "Looking to the second half of 2020, we remain focused on exe- cuting on our diversification strategy, while at the same time, preparing to meet elevated RV demand." LCI's first and second quarter results built upon its 2019 fiscal results, which saw adjacent industries OEM sales grow to $659.6 million, up 7 percent year- over-year; and aftermarket sales grow to $279.6 million, up 20 percent year- over-year. LCI completed seven strategic acquisitions totaling $448 million in 2019, up from $185 million in acquisitions the year-earlier period. Acquisitions have been integral to LCI since its founding in 1956 as B & L Indus- tries, a maker of metal roofs. Since going public in 1997, acquisitions have grown exponentially. Overall, LCI has executed more than 65 acquisitions during its history, of which 50 have been made in the past 20 years. The majority of the past 20 acquisitions focused outside of the North American RV industry. (See Figure 1 above for high- lights of LCI overseas acquisitions during the past four years.) While Lippert Components has aggressively pursued acquisitions in recent years, it is far from the only supplier to do so. Patrick Industries also has been a significant consolidator among suppliers (see related story, "Acquisitions Make Patrick Industries a Powerhouse Supplier" on page 28), as have Airxcel and Dometic, investment banking Figure 1 LCI Overseas Acquisitions at a Glance, 2016-2020: Lippert Components' multiple foreign acquisitions during the past four years have included: 2016: • Project 2000, an Italian maker of steps, TV brackets, and power and manual steps. 2017: • Sessa Klein, an Italian manufacturer of highly engineered side window systems for both high-speed and commuter trains. • Metallarte, an Italian maker of entry and compartment doors for the caravan (RV) market. 2018 • Taylor Made Group. Although technically a U.S. company, Taylor Made has a strong presence in Ireland, the United Kingdom, Poland and Australia. • ST.LA., an Italian manufacturer of bed-lifts and tanks. 2019 • Lavet, an Italian maker of window blind systems. • Lewmar, a United Kingdom manufacturer of leisure marine equipment. • Ciesse, an Italian maker of railway interior products and systems. 2020 • Polyplastic Group B.V., a Netherlands-based manufacturer of acrylic windows and doors. Source: Public records Tough Collection

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