LCI Industries has announced that its subsidiary, LCI Industries B.V., has entered into a definitive agreement to acquire Polyplastic Group B.V., a manufacturer of acrylic window and door products headquartered in Rotterdam, Netherlands.
A purchase price was not disclosed.
Polyplastic is a window supplier to the caravanning industry in Europe and attributes a portion of its sales to the European supermarket, trailer, and e-mobility industries. Through September, Polyplastic had trailing 12-month revenue of about $60 million. This transaction is expected to close in January, subject to customary closing conditions.
In the last few years, LCI has expanded its window offerings into additional markets and geographies through several strategic acquisitions. This process began with its acquisition of Sessa Klein S.p.A in 2017, which grew LCI’s operational capabilities to include window systems for both high-speed and commuter rail. In 2018, LCI acquired Taylor Made Group, allowing LCI to expand into the marine window market throughout North America and Europe. LCI’s recent acquisition of Lewmar Marine in 2019 further grew LCI’s product lines and manufacturing capabilities in the marine market, which includes marine windshields, patio doors and sunroofs.
Once the transaction has closed, this acquisition of Polyplastic will accelerate LCI’s expansion into the European RV, trailer, supermarket, and e-mobility vehicle window market, and allow it to introduce Polyplastic’s acrylic window products to its customer base throughout North America.
“We are extremely excited to add Jan Peter and the rest of the Polyplastic team to the LCI family,” said Jason Lippert, CEO and president of LCI. “The acquisition of Polyplastic will give LCI many great opportunities around new products that will help leverage LCI in existing markets in which we have a strong presence as well as many new markets in which Polyplastic has a secure foothold. LCI is already a premier supplier of windows and glass in many of the industries that we serve. … I’m excited to see how Jan Peter and our current European team led by Jim Menefee, Michele Checcucci, Peter Tierney, and Joerg Reithmeier, strategic consultant for LCI, will be able to grow LCI’s footprint in the European caravan industry and beyond.”
“Polyplastic was founded by my father in 1952. The fascination for acrylic, as a new lightweight alternative for glass, was the motivation to start the company,” said Jan Peter Veeneman, owner and CEO of the Polyplastic Group. “For our next phase, I’m convinced that LCI, including Jason Lippert and his team, holds the same values as Polyplastic, which is well known for cooperation with its customers. … I will remain as CEO of Polyplastic after the completion of the transaction to continue Polyplastic’s partnership with its loyal customers and help guide it to a new future.”
“Our caravan team in Europe has admired the business and products of Polyplastic for a long time,” said Menefee, VP of operations for Europe. “The addition of this business, and its great people, leadership, and innovation, will extend LCI’s European product line even further into the caravan space. I am excited to work with such a talented leadership team in Europe and look forward to the growth to come.”
