MascoTech Inc., the parent of RV industry supplier firms Draw-Tite and Reese, is preparing to be taken private in a leveraged buy-out by a firm headed by former Reagan Administration budget director David Stockman.

The proposed deal calls for MascoTech shareholders to get between $17 and $18 a share in cash, depending on the amount of cash raised through the sale of non-operating assets.

As a result of today’s announcement, MascoTech stock jumped 4 1/2 in morning trading to 16.

Completion of the merger of MascoTech with Heartland Industrial Partners LLP is contingent upon Heartland obtained adequate financing. The deal is valued at a little over $2 billion and the Chase Manhattan Bank has agreed to provide $1.5 billion in financing.

MascoTech senior management will remain in place and Stockman added, “We fully understand and appreciate the importance to MascoTech’s customers, employees, suppliers and other stakeholders of an orderly and seamless transition of MascoTech from a public to a private company.”