Lippert Acquires Furrion Holdings Limited

September 9, 2021

Elkhart, Indiana - LCI Industries (NYSE: LCII) (the 'Company') today announced that its wholly-owned subsidiary, Lippert Components, Inc. ('Lippert'), a manufacturer and supplier of 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, has completed the previously announced acquisition of Furrion Holdings Limited ('Furrion'), a leading distributor of a large range of appliances and other products to OEMs and aftermarket customers in the recreational vehicle, specialty vehicle, utility trailer, horse trailer, marine, transit bus, and school bus industries.

Furrion has become a premier supplier of appliance, appliance accessories, and audio-visual products since entering the RV industry in 2007 and is best known for innovating new appliance products and introducing state-of-the-art technologies into the recreation space. Furrion's robust catalog of electronics and appliances complement Lippert's OEM product roadmap by adding audio-visual components, observation camera systems, a full range of kitchen appliances, and energy and power management systems that will allow Lippert to offer a wider range of products to the industry.

'We are very excited to officially welcome Furrion to the Lippert family. To further facilitate successful integration of the Furrion team, we have made a number of a key leadership appointments to position us for growth,' said Jason Lippert, President and CEO of Lippert. 'First, we have named Andrew Mock as Senior Vice President of Furrion North America. Andrew has been with Lippert since 2014, and during that time, he has held many sales roles, most recently Vice President of Sales for Lippert's RV OEM Business. Throughout Andrew's time at Lippert, he has cultivated several key OEM relationships in the RV industry and was critical in growing Furrion sales during the time of our distribution relationship from 2015 through 2019. Andrew has a deep knowledge of the products and customers in the RV OEM space, and I am confident he will bring this expertise to drive future product development in the space.'

Lippert continued, 'Darren Ho will remain the CEO of Furrion Asia. Darren will continue to oversee the development, sourcing, and fulfillment of Furrion products, while supporting Lippert's efforts to scale our business overseas and advance growth in our European and Australian markets. In addition to a great procurement and quality team, Darren has a strong team of industrial designers and engineers in Hong Kong who will support Furrion's innovative product development, to stay on the cutting edge of aesthetics and functionality, which will be essential for the long-term success of the Furrion brand.'

Ryan Smith, Group President of Lippert OEM North America, commented, 'Steven 'Stevie' Bell will remain Chief Technology Officer of Furrion North America and Asia to drive innovation and technology throughout the Furrion brand, while bridging the technological gap between Furrion and Lippert products. Stevie's passion will help bring Furrion and Lippert products to the next level, as we invest our resources into R&D and engineering to expand the product pipeline for Furrion products in the coming years, and Stevie is the right person to champion this endeavor.'

'Furrion is extremely excited to join the Lippert family,' said Darren Ho, Furrion Asia CEO. 'Furrion's success has been the result of its great team members and partners. As we move forward, we could not have found a more complementary partner to bring Furrion's products to the next level. Our history with Jason, Ryan, and their teams, the culture at Lippert, and its proven track record makes Lippert the perfect partner for us, and together we hope to achieve amazing results.'

About LCI Industries^®

With over 90 manufacturing and distribution facilities located throughout North America, Europe, Africa, and Asia, Lippert™ is a leading, global manufacturer and supplier of highly engineered products and customized solutions dedicated to shaping, growing, and bettering the RV, marine, automotive, commercial vehicle, and building products industries, and their adjacent markets. Lippert also serves a broad array of aftermarket segments, supplying best-in-class products designed to enhance recreational pursuits, both on the road and on the water. From powerful towing technology and automated RV leveling systems, to boating furniture and one-of-a-kind shade solutions - Lippert combines strategic manufacturing capabilities with the power of our winning team culture to deliver unrivaled Customer Service, award-winning Innovation, and premium Products to every industry and person we serve.

Lippert
3501 County Road 6 East
Elkhart, IN 46514
Email: [email protected]