ELKHART — LCI Industries has announced that its Dutch subsidiary, LCI Industries B.V., has entered into an agreement to acquire Polyplastic Group B.V., a manufacturer of acrylic window and door products headquartered in Rotterdam, Netherlands.
Polyplastic, a market leader in Europe, supplies the caravaning industry 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 $60.5 million.
The transaction is expected to close in January, subject to customary closing conditions.
Lippert Components Inc., a wholly owned subsidiary of LCI, supplies components for original equipment manufacturers in the recreation and transportation product markets, and the related aftermarkets of those industries.
LCI already produces windows for its core customers in the recreational vehicle, heavy equipment, bus, and trailer industries in North America but in recent years has expanded its window offerings into additional markets and geographies through acquisitions.
This process began with its acquisition of Sessa Klein S.p.A in 2017, which grew LCI’s operational capabilities to include highly engineered window systems for both high-speed and commuter rail. In 2018, LCI acquired Taylor Made Group LLC, allowing LCI to expand into the marine window market throughout North America and Europe. LCI’s recent acquisition of Lewmar Marine Ltd. 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 recreational vehicle, 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, the company said.
“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 it serves, he said. By adding Polyplastic’s acrylic windows to the company’s product lineup coupled with the continuation of its long-standing history of excellence, LCI’s ability to service the European Caravan industry is set to reach an all-time high.
“Polyplastic’s lightweight acrylic window and sunroof solutions also grant us access to several other great industries and markets in Europe that we could not have previously entered without this technology,” he said. “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.”
Jan Peter Veeneman, owner and CEO of the Polyplastic Group, said Polyplastic was founded by his father in 1952. The fascination for acrylic, as a new lightweight alternative for glass, was the motivation to start the company.
“Over the years, passion, innovation, design, customer focus, quality, reliability, flexibility, and operation excellence have been the most important drivers for our success and present position,” Veeneman said. “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.”
Veeneman he would remain as CEO of Polyplastic after the completion of the transaction.
Menefee, Lippert’s vice president of operations for Europe, said the company has long admired the business and products of Polyplastic.
“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,” he said. “I am excited to work with such a talented leadership team in Europe and look forward to the growth to come.”