Elkhart-based Lippert Components Inc. has completed its acquisition of a boat seating and marine accessories manufacturer also headquartered in Elkhart County. Financial terms of the deal for Veada Industries Inc. in New Paris were not disclosed.
Veada was founded more than 50 years ago and also manufactures tents and cushions for pop-up campers. LCI says the acquisition will further expand its marine seating capabilities and capacity.
“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.” Jason Lippert, chief executive officer of LCI, said in a news release. “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.”
LCI says the acquisition is the company’s fifth in the marine industry since 2015. The company did not specify whether any jobs would be affected by the deal.