Insight Equity, a Texan middle market firm, has paid $160 million (€117 million) for Atwood Mobile Products, a division of Dura Automotive Systems that manufactures gas appliances, windows, doors, electronics and hardware for recreation vehicles such as Winnebago and Gulfstream camping vans and trailers.
Atwood employs roughly 1,900 workers, has nine manufacturing facilities in Tennessee, Utah, Ohio, Iowa and Indiana, and last year had sales of approximately $330 million, according to a statement.
“Atwood is a classic Insight acquisition – strong strategic positioning and a well-known platform in its industry, yet with significant operational and growth opportunities ahead,” Eliot Kerlin, a vice president with Insight, said in a statement.
The investment was made from the firm’s debut fund, which closed in July 2005 on $280 million.
It is the fund’s eighth acquisition, and its fourth transaction involving a US manufacturing company related to transportation. In July, Insight purchased for undisclosed amounts two makers of tank trailers for trucks, Brenner Tank and Walker Group Holdings.