Greenwich consumer-focused private equity firm L Catterton has entered into a definitive agreement to acquire Wichita-based Airxcel, a designer and producer of branded heating, ventilating, air conditioning and appliance products serving worldwide specialty markets. 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 original equipment manufacturer (OEM) and aftermarket recreation vehicle industry, marine as well as other commercial and industrial markets. The Wichita firm’s brands include Coleman-Mach, MaxxAir, Suburban, Dicor, Vixen Composites, United Shade, MCD, Marvair, Industrial Climate Engineering and Eubank.
“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,” said Marc Magliacano, a managing partner in L Catterton’s Buyout Fund. “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.”
According to the companies, the $18 billion RV supplier market has grown at 12 percent per year for the past five years. Wholesale shipments were up 17 percent in 2017 to an all-time high of 505,000 units.