L Catterton to Acquire Airxcel to Accelerate Growth and Expansion

Mar 14, 2018, 13:26 PM by Rob Jones
WICHITA, Kansas and GREENWICH, Conn., March 14, 2018 - L Catterton, the largest and most global consumer-focused private equity firm in the world, today announced that it has entered into a definitive agreement to acquire Airxcel, Terms of the transaction were not disclosed.

Founded in 1991, Airxcel is the largest privately held designer, manufacturer and distributor of branded and critically functional products for the OEM and aftermarket recreation vehicle (“RV”) industry, marine as well as other commercial and industrial markets. Airxcel is the North American market leader in nearly every product category and sales channel it serves with premium brands including Coleman-Mach, MaxxAir, Suburban, Dicor, Vixen Composites, United Shade, MCD, Marvair, Industrial Climate Engineering and Eubank.

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. “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.”

“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, a 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.”

About Airxcel
With manufacturing facilities in 5 states Airxcel designs, produces and distributes market leading heating, ventilating, air conditioning, appliance and a variety of composite and soft good products serving worldwide specialty markets. Airxcel employees find opportunity to express creativity and innovation, enhance education and be a productive team member in a supportive work environment. Airxcel conducts its business with respect and regard for its employees, customers, suppliers, financial partners and communities in which it operates.

About L Catterton
With over $14 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest and most global consumer-focused private equity firm in the world. L Catterton's team of more than 160 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.

Contacts:

Airxcel
Piar Adams
316-303.7174

L Catterton
Andi Rose / Julie Oakes / Kate Clark
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Airxcel Brands