Lippert Components has acquired Project 2000, a Florence, Italy-based manufacturer of motorized entry steps, bed lifts and RV accessories, according to a news release from parent company Drew Industries.
The acquisition gives the supplier a springboard to expand its operations in the European market, which have focused heavily on its slide-out in recent years.
Sales of the acquired business for 2015 were approximately $12 million.
“This is a significant step for LCI,” Lippert Components CEO Jason Lippert said. “We have been working tirelessly to establish a presence in the European caravan market for the last three years. Project 2000’s team, products and innovative focus were key factors in our decision to make this acquisition, and we believe they will provide a great foundation for LCI in the European RV market.”
The purchase price was $18.8 million, which was paid at closing from available cash, plus contingent consideration based on future sales. After funding this acquisition, Drew remains well-positioned to take advantage of other investment opportunities.
Davide Nardini and his wife, Susanna Azzolini, founded Project 2000 in 1995, after a camping trip left him desiring more functionality out of his camper’s entry step.
Nardini quickly engineered a motorized step that was adopted by the European caravan industry. They began manufacturing television mounts in 2000, and, in 2004, began production of a high-quality, space-saving bed-lifting system that many U.S. manufacturers use today.
“I have always had a passion to improve the RV experience,” said Davide Nardini. “I was drawn to Lippert Components because of their similar desire for innovation. I believe that, together, our companies can design and innovate some of the best RV products for the North American and European RV markets for years to come.”
Project 2000 gives Lippert a springboard into the European RV supply market, according to Lippert.
“Project 2000’s world-class team of designers and engineers will help transition LCI products, like slide-out mechanisms, into the European RV market,” he said. “LCI’s strength in the North American RV market has always been the introduction of new and innovative products that enhance the mobile lifestyle.
“We plan on bringing more products and choices to the European market, and we expect to provide Project 2000 the necessary resources to develop these products.”