L Catterton, a global consumer-focused private equity firm, has entered into a definitive agreement to acquire Airxcel. Terms of the transaction were not disclosed.
“L Catterton has an exemplary track record of building leading brands and a strong understanding of our industry, which makes them the ideal partner for Airxcel,” said Jeff Rutherford, president and CEO of Airxcel. “We have invested significantly in innovation over the last five years and Airxcel is poised to further build on its category-leading positions and portfolio of trusted brands to meet the evolving needs of tomorrow’s customer. Together with L Catterton, we look forward to continuing to grow and expand as we take advantage of the exciting long-term trends in the market. The company will continue its efforts in new product development and increase efforts in geographic expansion and acquisitions.”
Founded in 1991, Airxcel is one of the largest privately held designers, manufacturers and distributors of products for the OEM and aftermarket RV industry. Airxcel is a North American market leader in numerous product categories and sales channels. Its brands include: Coleman-Mach, MaxxAir, Suburban, Dicor, Vixen Composites, United Shade, MCD, Marvair, Industrial Climate Engineering, and Eubank.
L Catterton previously owned a majority stake in Heartland RV before selling Heartland to Thor for $200 million back in 2010.
“Airxcel’s portfolio of leading and respected brands are widely known for innovation, quality and service and when coupled with its ‘customer first’ attitude has allowed it to develop and foster 20-plus year relationships with leading OEMs and aftermarket distributors,” said Marc Magliacano, a Managing Partner in L Catterton’s Buyout Fund. “We are excited to partner with Airxcel’s respected and talented management team to leverage our prior experience and knowledge of the space to help drive Airxcel’s success for years to come.”
Airxcel had been owned by an affiliate of One Rock Capital Partners.
“Since our acquisition in 2014, Airxcel has nearly doubled earnings through strong organic growth, internal operational improvements and the acquisition and integration of three highly complementary businesses. The business is well-positioned to continue on that trajectory under the leadership of CEO Jeff Rutherford and his management team,” said One Rock Managing Partner Tony W. Lee.
“During One Rock’s ownership Airxcel reduced working capital by half, implemented lean manufacturing practices throughout its production footprint and successfully integrated three acquisitions, while building an active pipeline of future opportunities. One Rock’s Operating Partners and the management team have worked closely together to build a market leading supplier of industry-leading branded products with the execution discipline to continue to build upon its success to date,” One Rock Managing Partner R. Scott Spielvogel added.
One Rock Operating Partners Gary Tapella and Eric Evans served on the Board of Airxcel and have worked closely with management to map the business’s strategic direction, improve manufacturing efficiencies, drive supply chain improvements, identify and integrate acquisitions and innovate for its customers. One Rock Operating Partner Mark Oakeson partnered with Airxcel management to substantially enhance the pace and scope of the company’s operational improvement and lean manufacturing capabilities.
Jefferies LLC and Robert W. Baird & Co. served as financial advisors to Airxcel and One Rock on the transaction.
