TriMas Buys Bargman
TriMas Corp. announced today (Jan. 30) that it has acquired Theodore Bargman Co., a leading supplier of lighting products, electrical accessories, access doors, locks and latches for the RV market.
Financial terms were not disclosed.
Bargman, which was sold by leveraged buyout firm The Riverside Co., will be integrated into TriMas’ Cequent Transportation Accessories Group.
“Bargman represents yet another tremendous opportunity for TriMas to strengthen its presence in the transportation accessories and cargo management space and specifically bolster Cequent’s position in the RV market,” said Grant Beard, president and CEO of TriMas.
“Cequent’s vision is to be a global leader in transportation accessories and cargo management solutions and this acquisition reflects our commitment to that vision,” Cequent President Scott Hazlett said. “Bargman brings lighting product and strong brand recognition in the RV market, which is a wonderful complement to the current Cequent family of brands and a much broader value proposition for our customers.”
Cequent is a major producer of towing equipment sold under several brand names including Draw-Tite, Reese, Wesbar and Tekonsha.
Bargman, based in Albion, Ind., makes electrical accessories, exterior lights, interior lights, license plate lights and brackets, porch and utility lights, assist bars, door locks and latches and access doors for RV manufacturers and the RV aftermarket.
Bargman’s sales in 2003 totaled $12.8 million.
Bloomfield Hills, Mich.-based TriMas, a unit of private equity firm Heartland Industrial Partners, has been active in the RV towing equipment sector recently. The firm combined Draw-Tite and Reese Products manufacturing operations into a new factory in Goshen, Ind., about a year ago, and buying HammerBlow Towing Systems, producer of the Tekonsha and SurePull brands, in the spring of 2003.
TriMas also acquired HammerBlow from The Riverside Co.