Drew Industries Inc., a leading supplier of components for recreational vehicles and manufactured homes, today announced that its wholly-owned subsidiary Lippert Components Inc. (LCI) has acquired the business and certain assets of EA Technologies LLC.
According to a news release, EA Technologies is an Elkhart, Ind.-based manufacturer of custom steel and aluminum parts and provider of e-coat and powder coating services for RV, bus, medium-duty truck, automotive, recreational marine, specialty and utility trailer, and military applications. EA Technologies’ e-coat process is ISO 9000 certified. Sales of the acquired business for 2014 were approximately $17 million.
“We are pleased to acquire the business, facility, and paint and metal fabricating equipment of EA Technologies,” said Drew President Scott Mereness. “We believe the EA Technologies relationships in the bus, automotive, medium-duty truck, and trailer markets will help accelerate our industry diversification and product innovation, which are part of our long-term plan for strategic growth. This acquisition also provides us with the facility and equipment capacity, as well as the additional personnel, to expand our fabricating and coating operations.”
The purchase price was $9.4 million, of which $6.8 million was paid in the fourth quarter of 2014, with the balance paid at closing, from borrowings under the company’s $75 million line of credit.
Dennis Marcott, manager of EA Technologies, who will not remain with the business, expressed confidence in the future of EA Technologies as part of LCI. “EA Technologies is very well situated to supply components to the industries it serves,” said Marcott. “The EA Technologies business is a natural fit for Lippert Components, and I am confident that Lippert Components will invest in this business for the long term and provide strong customer service, as well as new innovative components and services.”