Drew Industries Inc. today (Aug. 10) announced that its wholly-owned subsidiary Lippert Components Inc. (LCI) has acquired the business and certain assets of Roehm Marine LLC, also known as Signature Seating.
Signature, headquartered in Fort Wayne, Ind., is a manufacturer of furniture solutions for fresh water boat manufacturers, primarily pontoon boats. Signature has two manufacturing facilities in Indiana, and sales of the acquired business for the 12 months ended June 2015 were approximately $16 million.
“We are excited to have the Signature business and its employees join the Lippert Components family,” said Drew President Scott Mereness in a press release. “LCI is the leading provider of furniture solutions for the RV towable industry, and the addition of Signature provides immediate access to the pontoon boat market. Fresh water boats, and in particular pontoon boats, are a natural extension for our furniture team. LCI’s growth in furniture solutions for the RV market has largely been due to a continual commitment to innovation, design and customer service. We believe that same approach will lead to similar results in the pontoon boat industry. Beyond the marine market, we expect to utilize the Signature team to develop furniture solutions for the RV motorhome market as well.”
The purchase price was $16.0 million, which was paid at closing from borrowings under the company’s $100 million line of credit, plus contingent consideration based on future sales.
Rob Roehm, Chief Executive Officer of Signature, will remain with LCI to help manage the business. Shannon Angle, a 15-year seasoned veteran of LCI’s furniture operation, under the direction of Ryan Smith, vice president of Lippert Interiors, will lead these two new furniture markets for LCI. “Our combined furniture team is talented and innovative, as well as experienced in managing growth, and we look forward to long-term success,” added Mereness. “We estimate that the market size for pontoon boat furniture is approximately $125 million, and we believe that Signature’s strong relationships in the pontoon boat markets will help accelerate our growth in this adjacent industry, which is part of our long-term plan for strategic growth.”