LCI Industries has entered into a definitive agreement to acquire CURT Group for about $340 million. The transaction is expected to close before the end of 2019, subject to customary closing conditions, including regulatory approval.
“With a strong reputation for product innovation, engineering, and brand excellence, we look forward to welcoming CURT President Rock Lambert and his team to the LCI family,” said Jason Lippert, CEO and president of LCI. “Culturally, CURT is a strong fit, with a deep focus on delivering innovative products and an unwavering commitment to quality and superior customer service. Its highly complementary portfolio, combined with its strong brands and extensive distribution network, will significantly expand our addressable market.”
CURT, headquartered in Eau Claire, Wis., maintains a robust product portfolio comprised of thousands of SKUs across various product lines, including hitches, towing electricals, ball mounts, and cargo management. CURT owns and operates a stable of brands, including CURT, Aries, Luverne, Retrac, and UWS. Leveraging a multi-channel model, CURT serves customers across e-commerce, direct-to-installer, and distribution channels. In addition, CURT has a wide distribution network, with centers located throughout the U.S. For the 12-month period ended Sept. 30, CURT delivered about $255 million of revenue.
“With its proven track record of building high-quality products and successfully sourcing and integrating companies, LCI is an ideal partner for us,” said Lambert. “Both LCI and CURT have strong reputations and positions fostered through a culture of innovation, history of high-quality products, customer satisfaction and retention, and manufacturing excellence. We look forward to joining the team and further positioning the business for long-term success.”
