MILWAUKEE, Actuant Corporation (NYSE:ATU) announced today the acquisition of Kwikee Products Company, Inc. ("Kwikee"). Kwikee, headquartered in Cottage Grove, Oregon, is a leading provider of actuation and storage systems for the North American recreational vehicle market.
Kwikee employs approximately 115 people at its Oregon and Indiana operations where it manufactures and sells electrically actuated retractable step systems, trays, leveling and slide-out systems to recreational vehicle manufacturers, including Winnebago, Monaco and Fleetwood. Kwikee's trailing twelve-month sales are approximately $24 million. The transaction was structured as an asset purchase, with funding for the approximate $30 million acquisition coming from borrowings under Actuant's senior secured credit agreement.
Kwikee's existing management team will continue to lead the business following the acquisition, and will operate as part of Actuant's Engineered Solutions segment. Bill Blackmore, Engineered Solutions Americas Leader, stated, "We are very excited about the acquisition of Kwikee. Its brand name, experienced management, track record of profitable growth, and strong customer base, as well as the potential synergies with Power Gear, were all attractive factors in evaluating the acquisition. We believe combining Kwikee and Power Gear will offer customers a complete solution for their actuation needs. I look forward to working with Howard Wallace and the rest of the Kwikee management team to provide a seamless transition to our customers."
Actuant, headquartered in Milwaukee, Wisconsin, is a diversified industrial company with operations in over 20 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools. Products are offered under such established brand names as Enerpac, Gardner Bender, Kopp, Milwaukee Cylinder, Nielsen Sessions, Power-Packer, and Power Gear.
For further information on Actuant and its business units, visit the Company's website at www.actuant.com. For further information on Kwikee, visit its website at www.kwikee.com.