ELKHART -- Atwood Mobile Products completed its acquisition Tuesday of a Michigan manufacturer, deepening its ties to the recreational vehicle industry.
The Elkhart-based supplier has purchased Fan-Tastic Vent, located in Imlay City, Mich., for an undisclosed price. Fan-Tastic makes vents that draws air from the outdoors and circulates it inside the RV.
In a press release, Richard Kingdon, executive vice president for Atwood, said, "The purchase of Fan-Tastic Vent aligns with Atwood's long-term strategy as we seek ways to better serve customer and end-user needs through innovation, product development and strategic acquisitions."
Through a company spokesman, Atwood declined to discuss the specifics of its long-term strategy and its plans for Fan-Tastic Vent. However, in the press release, the company noted the acquisition will "strengthen its breadth of product offerings" to both the RV manufacturers and the aftermarket.
Atwood, acquired by the private equity firm Insight Equity in August 2007, designs and manufactures a range of appliance, chassis hardware, glass, door, window, aluminum and electronic products for RV as well as specialty vehicles, utility vehicles, manufactured housing and other niche markets.
Its corporate offices and two plants are located in Elkhart. Other manufacturing facilities are in Tennessee, Utah and Ohio.
"We have chosen to sell to Atwood as they hold to the same high standards as Fan-Tastic regarding customer service and quality, and the two companies together will bode well for the RV industry," stated Penny Milks, president of Fan-Tastic Vent, in a press release.
Fan-Tastic was founded in 1984 by Stephen Milks and David Struck, both deceased. The press release described the company as a "market leader in 12-volt powered vents." By July 2001, Fan-Tastic had shipped its one-millionth fan.
Insight Equity is based in Texas and is a healthy middle-market private equity firm, according to Adley Bowden, managing editor at PitchBook Data.
In a tough market, it was able to raise $525 million and close a fund in 2010 which indicates investors are willing to invest again, Bowden said. Also this year, it has made two additions to its portfolio and a couple companies already in the portfolio have completed acquisitions.