In its latest acquisition, Lippert Components has expanded its share of the RV furniture business, acquiring certain assets and business from Indiana supplier Flair Interiors, Lippert parent company Drew Industries reported Monday (Feb. 29).
Flair, which has locations in Goshen and Fort Wayne, totaled $25 million in sales in 2015. The purchase price was $8.1 million, which was paid at closing from borrowings under the company's $100 million line of credit.
“Since acquiring Seating Technology in 2008, our furniture division continues to drive growth for our company,” Drew President Scott Mereness said. “Ryan Smith, vice president of Lippert Interiors, and his talented furniture team will quickly incorporate the assets and business acquired from Flair into our existing facilities.”
The acquisition will add 170 new employees to Lippert, and improve the company’s efficiency, according to Smith.
“This acquisition enhances our team and makes our business even stronger, “ he said. “Incorporating the business acquired from Flair into our existing factories, we believe, will result in operational efficiencies.”