Lippert Acquires Another Marine Furniture Business
(photo courtesy of Smoker Craft Boats)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA subsidiary of Elkhart-based LCI Industries Inc. (NYSE: LCII) has acquired the furniture manufacturing business of Smoker Craft Inc. in Elkhart County. Lippert Components Manufacturing Inc. says the $28 million deal also includes a long-term supply agreement between the companies.
Smoker Craft manufactures pontoon, aluminum fishing and fiberglass boats in New Paris, Indiana. Jason Lippert, chief executive officer of LCI, says the the company’s operation is similar to that of Godfrey Marine, which LCI acquired in 2016.
"This will be our fourth marine furniture acquisition in the last four years and as we continue to grow in the marine space, more opportunities continue to present themselves," said Lippert. "This line of business has grown so significantly that earlier this year we opened a 700,000 square foot facility in Fort Wayne, Indiana to serve our marine customers. We anticipate that the Smoker Craft furniture manufacturing business will remain in New Paris while we transition the operation into the LCI family."
Doug Smoker, CEO of Smoker Craft, says the acquisition will free up manufacturing space for his company, allowing it to concentrate on building boats. LCI says it expects first-year revenue for the acquired business to be approximately $35 million.
LCI acquired the marine furniture businesses of Highwater Marine LLC in 2016 and Lexington LLC in 2017.