Airxcel announced a major expansion into Europe with the formation of Airxcel Europe (AirxEU) and the signing of a definitive agreement to acquire Italian cookware supplier, CAN S.r.l. The transaction, for which a price was not disclosed, is expected to close in September.
Founded in 1991, Airxcel is a privately held designer, manufacturer and distributor of widely recognized, branded and critically functional products for RV OEMs and aftermarkets. Airxcel intends to replicate its U.S. strategy and success in the European market and deliver new-to-market products across a variety of segments.
Newly formed AirxEU will be led by former CAN partner and caravan industry veteran, Paolo Moresco. For more than 40 years, Moresco and his family built SMEV S.r.l. into a revered supplier of RV cookware and appliances to the European RV market until he sold the business to Dometic in 2007, according to the company. He proceeded to lead the hobs division of Dometic and was appointed managing director of the Bassano, Italy, and Slovakia operations and product manager for cooking worldwide until 2014.
In 2018, Moresco oversaw the negotiation of an exclusive partnership agreement between CAN and Airxcel’s Suburban division for the distribution of Italian cooktops to the North American RV market.
“While working with Suburban, I was able to personally experience and appreciate the advanced capabilities of the Airxcel group of companies, and to understand and support their strategies. I value the autonomy and independence that Airxcel leaves to its brand companies,” said Moresco.
Lorenzo Bellini, Moresco’s partner in CAN S.r.l. and the founder’s son, will remain in his key role as product manager.
“Our business has continued to offer distinctive product designs into the market resulting in exponential growth,” said Bellini. “Our customers have rewarded our innovation and partnership by entering into extended agreements including the major European motorhome manufacturers. I am excited that we will be able to offer our customers even more innovative products in terms of technology, design and elevated service, reinforcing the trusted relationships that we have developed over many years with our partners.”
“We are extremely pleased to welcome CAN into the Airxcel family and to announce our new European initiative,” said Jeff Rutherford, Airxcel’s president and CEO. “The CAN acquisition, the first of many, expands Airxcel’s geographic footprint and demonstrates our long-term commitment to the European caravan and motorhome markets. We look forward to building upon CAN’s partnerships with OEMs and providing innovative solutions with our Aqua-Hot, Coleman-Mach, Dicor, Maxxair, MCD, Suburban, United Shade and Vixen brands.”
