Lippert Components Subsidiary Completes Acquisition of Veada Industries
ELKHART, Ind.: LCI Industries (NYSE: LCII) which, through its wholly-owned subsidiary, Lippert Components, Inc. ("LCI"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation product markets, and the related aftermarkets of those industries, today announced that it has acquired Veada Industries, Inc. (“Veada”), a manufacturer and distributor of boat seating and marine accessories.
With over 50 years of manufacturing and distribution experience, Veada, located in New Paris, Indiana, specializes in delivering quality and affordable marine seating. Veada will further expand LCI’s marine seating capabilities and capacity, representing the fifth acquisition in the marine sector by LCI since 2015.
“The addition of Veada’s unique and diverse product line will allow us to provide exceptional, customized product offerings to our OEM marine customers and further grow our marine business.” said Jason Lippert, President & CEO of LCI. Continued Lippert, “LCI, together with Veada’s exceptional leadership team, will leverage our combined resources and synergies to attack the capacity opportunities we face as the industry continues to experience record wholesale and retail demand. We believe LCI’s robust capabilities in marine will continue to be a differentiator for our customers.”
“Over the last 52 years, we have had the opportunity to deliver superior, innovative products to our customers, which has been supported by the commitment of our Veada team members and dedicated business partners and suppliers. We cannot thank each of them enough,” commented Bob and Doug Steury, former owners of Veada. “As part of the LCI team, we are excited for the broader solutions we will be able to offer our customers, while at the same time, bringing quality seating capabilities to their portfolio.”
“Everyone at LCI is thrilled to incorporate the industry and product knowledge that Veada’s team will bring to the LCI family. Veada’s strong reputation for quality marine seating will allow LCI to further enhance our OEM product offering, customer service, and consumer experience,” said Ryan Smith, Group President of North America for LCI.
