Lund International Acquires AMP Research
Lund International Holding Company, announced it has acquired all of the operating assets of AMP Research. AMP, based in Tustin, California, is the leading provider of automatic power articulating running boards, bed steps, bed extenders and related products. Lund will continue to use the trademarked POWERSTEP™, BEDSTEP®, BEDSTEP2™ and BEDXTENDER HD™ product names included in AMP's Innovation in Motion product lines. The current Tustin location will continue to be the primary manufacturing facility and AMP's current workforce will join the Lund International team.
Mitch Fogle, President of Lund, said, "This acquisition reinforces Lund's emerging position as the leader in the running board and nerf bar category, in which we offer the broadest product line up in the industry with a track record of introducing innovative new designs. The patent protected and unique POWERSTEP™ automatic power articulating running board will now be sold under the Lund brand in its new Innovation in Motion series, as will the other product lines acquired. Additionally, the BEDSTEP®, BEDSTEP2™, BEDXTENDER™ HD, and fuel door products are excellent complements to our existing business. This acquisition will allow us to enhance our broad product offering to better serve the needs of both our existing and new customers."
Jeff L. Hull, Chairman of Lund and Managing Partner of Highlander, added, "This acquisition, Lund's third so far in 2013, confirms our strategy to seek strategic opportunities that build on and expand Lund's existing business and product offering. AMP is clearly one of the leaders in innovation and development, and its product line is highly complementary to Lund's other automotive accessory offerings. As with our previous acquisitions, we plan to leverage the strength of our brand and distribution capabilities to ensure AMP's products reach a broader audience than was previously accessible to them. We continue to evaluate numerous other opportunities and expect to make additional acquisitions going forward."
Regions Business Capital (with Regions Bank as Administrative Agent), along with a syndicate of participating lenders, provided senior financing in support of this transaction.