L Catterton, a global consumer-focused private equity firm, today (March 14) announced that it has entered into a definitive agreement to acquire Airxcel. Terms of the transaction were not disclosed.
“L Catterton has an exemplary track record of building leading brands and a strong understanding of our industry, which makes them the ideal partner for Airxcel,” said Jeff Rutherford, president and CEO of Airxcel, in a press release. “We have invested significantly in innovation over the last five years and Airxcel is poised to further build on its category leading positions and portfolio of trusted brands to meet the evolving needs of tomorrow’s customer. Together with L Catterton, we look forward to continuing to grow and expand as we take advantage of the exciting long-term trends in the market. The company will continue its efforts in new product development and increase efforts in geographic expansion and acquisitions.”
Founded in 1991, Airxcel is a privately-held designer, manufacturer and distributor of branded and functional products serving the recreation vehicle, marine as well as other commercial and industrial markets. Airxcel’s premium brands include Coleman-Mach, MaxxAir, Suburban, Dicor, Vixen Composites, United Shade, MCD, Marvair, Industrial Climate Engineering and Eubank.
“In Airxcel, we saw a proven and attractive platform for sustained success both inside and outside the RV industry and through both organic and acquisition growth avenues. As an essential partner to OEMs and aftermarket distributors, Airxcel will take advantage of the exciting secular trends in the RV industry and the significantly growing purchase interest from millennials, which will fuel growth for years to come,” said Marc Magliacano, managing partner in L Catterton’s Buyout Fund. “Airxcel’s portfolio of leading and respected brands are widely known for innovation, quality and service and when coupled with its ‘customer first’ attitude has allowed it to develop and foster 20-plus year relationships with leading OEMs and aftermarket distributors. We are excited to partner with Airxcel’s respected and talented management team to leverage our prior experience and knowledge of the space to help drive Airxcel’s success for years to come.”