Elkhart, Indiana – Drew Industries Inc. subsidiary Lippert Components Inc., a recreational vehicles (RVs) and manufactured homes components supplier, has acquired Project 2000 S.r.l., a Florence, Italy-based manufacturer of motorized entry steps, bed lifts, and RV accessories, for $18.8 million. Sales of the acquired business for 2015 were approximately $12 million.
“This is a significant step for LCI,” says Jason Lippert, CEO of Lippert Components and Drew Industries. “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 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.
Project 2000 was founded in 1995 by Davide Nardini and his wife Susanna Azzolini, after a camping trip left him desiring more functionality out of his camper’s entry step. Nardini engineered a better motorized step that was quickly adopted by the European caravan industry. Project 2000’s entry steps have evolved to become a mainstay in the European RV market, and more innovative products followed. 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,” says Davide Nardini, CEO of Project 2000. “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.”
Lippert adds that “Project 2000 is anticipated to be LCI’s springboard into the European RV supply market. Project 2000’s world class team of designers and engineers will help transition LCI products, like slide-out mechanisms, into the European RV market.”
Source: Drew Industries Inc.