Capstone Partners advised Freedman Seating Company—an Illinois-based manufacturer of transportation seating solutions—on its acquisition by Lippert Components, Inc., a wholly owned subsidiary of LCI Industries (NYSE: LCII). Terms of the deal were not disclosed.
Freedman Seating Company, founded in 1894 and headquartered in Chicago, Illinois, is a long-established manufacturer specializing in seating solutions for the transportation industry. The company’s high-quality products are used across numerous commercial end markets including buses, shuttles, rail, marine, and heavy duty. Freedman also offers product testing and certification via its in-house accredited compliance lab, using state-of-the-art automated systems and dedicated engineering staff. The company has established itself as a trusted leader in its category through its 130+ year history, extensive breadth of highly innovative seating solutions, manufacturing expertise, and numerous industry awards. Today the company is managed by the family’s fourth generation of owners, Craig Freedman (Chief Executive Officer) and Dan Cohen (President), who have continued to expand the business, adding numerous major OEM customers, over 250 bus distributors, the federal government and many states, and nearly 800 associates. For more information, visit Freedman here.
Capstone was a great partner for us from start to finish. They provided invaluable guidance, had terrific depth in our space, and ran a highly customized process to achieve our goals, which led to a tremendous outcome for our shareholders and employees. We’re excited that we’ve found a future with Lippert. They’ve made it clear that they admire what we’ve built, and they want to help us grow it—not change it. This acquisition gives us the opportunity to build on our legacy, expand our reach, and invest even more in our team.
Both Craig Freedman and Dan Cohen will transition with the business and continue to expand the platform.
Capstone Managing Director Yogesh Punjabi commented, “We are honored to have represented the shareholders of Freedman Seating on their successful transaction with Lippert. Over the past 130+ years, the Freedman family has built a world-class business with market-leading capabilities, exceptional culture, and a brand that is synonymous with quality. This legacy combined with Lippert’s global resources and capabilities results in a powerful partnership and will meaningfully unlock significant growth opportunities for the company.”
Lippert Components, Inc., a wholly owned subsidiary of LCI Industries (NYSE: LCII), is a global supplier of engineered components for the recreation and transportation markets. Lippert’s operations include design, manufacturing, and distribution of a range of products used by vehicle and equipment manufacturers worldwide. Through both organic growth and strategic acquisitions, Lippert has expanded its capabilities and geographic reach, providing solutions to a diverse set of OEM partners across the transportation and recreational vehicle sectors. For more information, visit Lippert here.
The investment banking professionals on Capstone Partners’ dedicated Automotive Aftermarket Team work with leading middle market companies operating in the aftermarket to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Auto Aftermarket Investment Banking Team, contact us.
