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Insight Equity acquires Atwood Mobile Products

Dallas-based private equity firm Insight Equity I LP has closed on its USD160.2m acquisition of DURA’s Atwood Mobile Products division.


Dallas-based private equity firm Insight Equity I LP has closed on its USD160.2m acquisition of DURA’s Atwood Mobile Products division.

Insight made the acquisition through Atwood Mobile Products LLC (f/k/a Atwood Acquisition Co., LLC), the investment vehicle Insight created for the acquisition of Atwood, the nation’s leading independent manufacturer of gas appliances, windows, doors, electronics and hardware to the Recreation Vehicle (RV) industry.

"We are excited to add Atwood Mobile Products to the Insight portfolio,’ says Ted Beneski, managing partner and CEO of Insight. ‘Our vision for the future is to continue to build the company into the industry’s leading manufacturer of RV components."

With approximately USD330 million in 2006 sales, Atwood Mobile Products designs and manufactures furnaces, water heaters, ranges, hardware, windows and doors, and electronics for use in RVs, manufactured homes, specialty trailers, and other vehicles. Headquartered in Elkhart, IN, Atwood serves hundreds of customers through nine plants located in Tennessee, Utah, Ohio, Iowa and Indiana.

Atwood provides the most extensive product line of any supplier to the recreation vehicle industry. More than 90 per cent of the recreation vehicles on the road today use Atwood products. The RV industry has experienced strong growth historically, with RV ownership currently at record levels. Industry trends point toward significant future growth as well due to favorable population demographics and increasing interest in RV’s.

"Atwood is a profitable business poised for growth with Insight," says Larry Denton, DURA’s Chairman and Chief Executive Officer. "This divestiture allows DURA to focus on its core automotive parts business while we position DURA for long-term success and emergence from Chapter 11 this year."

Atwood is the eighth acquisition in Insight’s current fund, which closed in July 2005. Atwood also represents the 4th investment Insight has made during the last eleven months in domestic transportation manufacturing companies.

"While the financing markets were as difficult as I have ever seen them, Insight delivered on its original commitment to purchase Atwood for USD160.2 million through Dura’s 363 bankruptcy sale process,’ says Insight Prinipal Conner Searcy. ‘This is a testament to Insight’s ability to get difficult transactions done while other buyout firms are pulling back from the market and walking away from deals."

DURA was advised by Miller Buckfire, AlixPartners and Kirkland & Ellis in connection with this transaction. Insight Equity was represented by Hunton & Williams.

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