Lund International Inc. has expanded its portfolio of plastic aftermarket vehicle accessories by acquiring Bushwacker Inc.
Lund, of Buford, Ga., bought Bushwacker of Portland, Ore., on Jan. 20 for undisclosed terms.
Bushwacker produces fender flares, bedrail and tailgate caps, bumper protection products and trail armor components for Jeeps, mainly by thermoforming, according to Matt Preece, managing director with Deloitte Corporate Finance LLC of New York, which acted as Bushwacker's financial advisor in the purchase by Lund. Bushwacker also makes hood protection products and window visors in Camanche, Iowa, as a result of an acquisition in 2012.
Bushwacker thermoforms many of its components from thermoplastic polyolefin sheet. Its capabilities include twin-sheet pressure forming.
Lund employs thermoforming, injection molding, fiberglass molding, metal forming and related processes to make hood shields, floor mats, fender flares, tonneau covers, storage boxes and running boards. It sells into the aftermarket for passenger vehicles, light trucks and heavy trucks. It does its manufacturing in Lawrenceville, Ga., its largest plant at 219,000 square feet, and in Howe, Ind.; Winters, Texas, and Corona, Calif. Its secondary services include assembly and painting.
Lund stated in a news release that Bushwacker plants will continue operating under Bushwacker President and CEO Russ Morgan, who joins the Lund team.
“With the addition of Bushwacker, Lund will enhance its standing as the broadest product line manufacturer of aftermarket automotive accessories and continue to enhance its offerings in each category,” stated Lund President and CEO Mitch Fogle in a news release. Its lineup includes functional and decorative accessories.
Lund is owned by Highlander Partners LP of Dallas, which bought it in 2011.
The acquisition “strengthens Lund's geographic presence and unmatched depth of product offering in the automotive aftermarket accessories market,” stated Jeff L. Hull, Highlander chairman and managing partner. Bushwacker also will expand Lund's offerings for Jeep vehicles, building on Lund's acquisition of Rampage Products LLC in December.
Rampage has continued operations in its Corona, Calif., facility. In addition to Jeep-oriented goods, it supplies soft tops, bumpers, step bars, stone guards and other exterior and interior accessories to the light truck and sport utility vehicle market.
Lund has made five bolt-on, strategic acquisitions since Highlander bought the company in 2011. Bushwacker has been the most plastics-intensive purchase, Preece said in a phone interview. Lund was larger than Bushwacker but the companies did not disclose annual sales.
Deloitte also advised in Bushwacker's purchase of Stampede Products in 2012.
Highlander's current portfolio includes Versatex Building Products LLC, a producer of cellular PVC trim for construction in Aliquippa, Pa. Previous plastics holdings included the Composites Group, a reinforced plastics composites firm in Kingsville, Ohio, and Custom Window Systems Inc., which makes PVC windows and doors in Ocala, Fla. Highlander exited those businesses in November and July of 2014, respectively.