Lippert Components buys Power Gear/Kwikee Products

The Elkhart-based company bought Power Gear/Kwikee Products for $35.5 million. 

Posted on June 16, 2014 at 12:35 p.m.

Elkhart-based Lippert Components Inc. has acquired a Mishawaka-based competitor, according to an announcement Monday, June 16 from Lippert’s parent company, Drew Industries Inc.

Lippert has paid $35.5 million for Power Gear/Kwikee Products, a subsidiary of Menomonee Falls, Wisc.-based Actuant Corp., Drew Industries said in a press release. The buy was financed with available cash and a loan from Lippert’s $75 million line of credit with JPMorgan Chase and Wells Fargo.

Like Lippert, Power Gear/Kwikee makes leveling systems, slideout mechanisms and steps for motorhomes at its plant at 1217 E. 7th St. in Mishawaka. The company posted sales of $28 million for the 12 months that ended May 31.

"The RV industry has been growing over the past few years, which has increased the necessity for talented people in engineering, sales, manufacturing and customer service,“ Lippert CEO Jason Lippert said in the press release. ”This talented team will be a strong addition to our existing team, and will help us continue to grow as we move forward.“

It was unclear what effect the deal might have on employment levels at either Lippert’s Elkhart area plants or the Mishawaka Power Gear/Kwikee Products facility. Lippert spokeswoman Katie Carpenter said via email that Lippert officials would not grant an interview request.

Drew Industries’ stock was trading at $49.10 Monday morning, up 61 cents a share about an hour after the opening bell.

See the video below on a slideout mechanism offered by Lippert Components Inc. 

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