LCI Industries, through its wholly-owned subsidiary, Lippert Components, Inc., announced that its subsidiary, LCI Industries B.V., has entered into a definitive agreement to acquire Polyplastic Group B.V., a manufacturer of acrylic window and door products headquartered in Rotterdam, Netherlands. Polyplastic is a premiere window supplier to the caravanning industry and attributes a portion of its sales to the European supermarket, trailer, and e-mobility industries.
Through September 2019, Polyplastic had trailing 12-month revenue of approximately €55 million, or almost 60.5 million in U.S. dollars. The transaction is expected to close in January 2020, subject to customary closing conditions.
LCI has a long history of producing a significant number of windows for its core customers in the recreational vehicle, heavy equipment, bus, and trailer industries in North America. In the last few years, LCI points out that it has expanded its window offerings into additional markets and geographies through several strategic acquisitions.
“We are extremely excited to add Jan Peter and the rest of the Polyplastic team to the LCI family,” said Jason Lippert, CEO and President of LCI. “The acquisition of Polyplastic will give LCI many great opportunities around new products that will help leverage LCI in existing markets in which we have a strong presence as well as many new markets in which Polyplastic has a secure foothold. LCI is already a premier supplier of windows and glass in many of the industries that we serve. By adding Polyplastic’s acrylic windows to our product lineup coupled with the continuation of its long-standing history of excellence, LCI’s ability to service the European caravan industry is set to reach an all-time high.
Jan Peter Veeneman, owner and CEO of the Polyplastic Group, pointed out that the company was founded by his father in 1952.
“The fascination for acrylic, as a new lightweight alternative for glass, was the motivation to start the company,” he said. “For our next phase, I’m convinced that LCI, including Jason Lippert and his team, holds the same values as Polyplastic, which is well known for cooperation with its customers. I will remain as CEO of Polyplastic after the completion of the transaction to continue Polyplastic’s partnership with its loyal customers and help guide it to a new future.”