Add-on Acquisition • Automotive

Lippert Acquires CURT Group

On December 30, 2019, Lippert acquired automotive company CURT Group from Audax Private Equity and Five Points Capital

Acquisition Context
  • This is Lippert’s 3rd transaction in the Automotive sector.
  • This is Lippert’s 4th transaction in the United States.
  • This is Lippert’s 1st transaction in Wisconsin.

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M&A Deal Summary

Date December 30, 2019
Target CURT Group
Sector Automotive
Buyer(s) Lippert
Sellers(s) Audax Private Equity
Five Points Capital
Deal Type Add-on Acquisition
Advisor(s) Baird (Financial)
Kirkland & Ellis (Legal)

Target Company

CURT Group

Eau Claire, Wisconsin, United States
CURT Group is a designer, manufacturer, and distributor of towing solutions, and trailer and cargo management accessories for passenger vehicles and trucks. Its products are sold through installers, distributors, e-commerce, retail, and auto dealer channels. CURT Group was founded in 1994 and is based in Eau Claire, Wisconsin.
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Buyer Overview 1

Buyer

Lippert

Elkhart, Indiana, United States

Category Company
Founded 1956
Sector Automotive
Employees11,500
Revenue 3.7B USD (2024)
DESCRIPTION

Lippert through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries, supplies a broad array of components in the United States and abroad for manufacturers of recreational vehicles and manufactured homes and for the related aftermarkets of those industries. The Company also supplies components for adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; modular housing; and factory-built mobile office units. Lippert was formed in 1984 and is based in Elkhart, Indiana.


Deal Context for Buyer #
Overall 6 of 7
Sector: Automotive 3 of 3
Type: Add-on Acquisition 5 of 6
State: Wisconsin 1 of 1
Country: United States 4 of 5
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 SureShade

Philadelphia, Pennsylvania, United States

SureShade LLC is a designer and manufacturer of sunshade systems for the outdoor recreation industry in North America and Europe, holds a number of innovative patents on its automated retractable shade systems that allow it to deliver improved sun protection and comfort.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-13 Leveltron

White Pigeon, Michigan, United States

Leveltron provides Bigfoot Hydraulic Systems ("Bigfoot"), which offers hydraulic leveling solutions and landing gear for Class A, B & C motorhomes as well as the utility and equine trailer markets. Bigfoot's highly engineered yet simple systems also lend themselves to other markets, including the US Military and construction equipment. Leveltron is based in White Pigeon, Michigan.

Buy -

Seller Profiles 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 74 of 110
Sector: Automotive 5 of 5
Type: Add-on Acquisition 23 of 36
State: Wisconsin 2 of 2
Country: United States 72 of 104
Year: 2019 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 CorEvitas

Waltham, Massachusetts, United States

CorEvitas provides real-world evidence through syndicated registry data and analysis services, helping biopharmaceutical companies demonstrate the value of their products to clinicians, patients, payers, and regulators. Corona operates six major autoimmune registries across the US, Canada, and Japan, collecting data from over 500 participating investigator sites. CorEvitas was founded in 2001 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Nextech

Melbourne, Florida, United States

Nextech is a provider of commercial HVAC repair, maintenance, and installation services. Nextech was founded in 1992 and is based in Melbourne, Florida.

Buy -
SELLER

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


Deal Context for Seller #
Overall 39 of 58
Sector: Automotive 2 of 3
Type: Add-on Acquisition 11 of 24
State: Wisconsin 1 of 2
Country: United States 39 of 58
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-12 ASPEQ Heating Group

St. Louis, Mississippi, United States

ASPEQ Heating Group is a provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine, and transportation markets. ASPEQ serves a highly diversified customer base and provides over 30 distinct product categories, including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, and explosion-proof heaters, among others, as well as integrated controls and spare parts. Products are marketed through a multi-channel approach under the longstanding and well-known INDEECO, Heatrex, AccuTherm, and Brasch brands. ASPEQ Heating Group was formed in 2008 and is based in St. Louis, Mississippi.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 ATRO Engineered Systems

St. Clair, Missouri, United States

ATRO Engineered Systems is a designer, manufacturer, and distributor of polyurethane parts for heavy-duty trucks and equipment. ATRO Engineered Systems was founded in 1987 and is based in St. Clair, Missouri.

Buy -