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Actuant Corp., manufacturer of Power Gear slideout systems, announced today (Sept. 3) it has acquired Kwikee Power Products Co., a manufacturer of electrically actuated retractable step systems, trays, leveling and slideout systems for RV industry customers.
Milwaukee-based Actuant, primarily an auto industry supplier, agreed to pay around $30 million for Kwikee, which is based in Cottage Grove, Ore., and also has an operation in Elkhart, Ind.
Actuant, a New York Stock Exchange-listed company, will borrow the $30 million to pay for Kwikee, which had around $24 million in sales revenue during the past 12 months.
“Kwikee is a logical bolt-on acquisition given its leading market position in step actuation for the motorhome market,” said Robert Arzbaecher, Actuant’s president and CEO. “The Kwikee acquisition not only increases our content per RV, but also strengthens our position in the important motorhome segment of the RV industry.”
Buying Kwikee, whose customers include Monaco Coach Corp., Winnebago Industries Inc. and Fleetwood Enterprises Inc., will add to Actuant’s fiscal 2004 earnings per share, Arzbaecher added.
Kwikee employs around 115 people in Oregon and Indiana and its current management team will be retained, said Bill Blackmore, head of Actuant’s Engineered Solutions segment in the Americas.
Kwikee will operate as a part of the Engineered Solutions segment.
Blackmore said Kwikee’s “brand name, experienced management, track record of profitable growth and strong customer base, as well as potential synergies with Power Gear, were all attractive factors in evaluating the acquisition.
“We believe combining Kwikee and Power Gear will offer customers a complete solution for their actuation needs,” Blackmore added. “I look forward to working with Howard Wallace (Kwikee’s president) and the rest of the Kwikee management team to provide a seamless transition to our customers.”