Airxcel Inc. Expands Globally with the Formation of Airxcel Europe (AirxEU)

AirxEU Acquires Italian Cookware Supplier CAN S.r.l.

8/29/2019

Wichita, Kan.— Airxcel announced a major expansion into Europe with the formation of Airxcel Europe and the signing of a definitive agreement to acquire Italian cookware supplier, CAN S.r.l. The transaction is expected to close in September.

Founded in 1991, Airxcel is the largest privately-held designer, manufacturer and distributor of widely-recognized, branded and critically functional products for RV OEMs and aftermarkets. For nearly 30 years, Airxcel has been a committed partner to its long-standing U.S. customers by providing exceptional service and delivering innovative designs by product experts. Airxcel intends to replicate this strategy and success in the European market and deliver new-to-market products across a variety of segments.

Newly formed AirxEU will be led by former CAN partner and caravan industry veteran, Paolo Moresco. Over 40 years, Moresco and his family built SMEV S.r.l. into one of the most revered suppliers of RV cookware and appliances to the European RV market until he sold the business to Dometic in 2007. He proceeded to lead the hobs division of Dometic and was appointed managing director (MD) of the Bassano, Italy operations, MD of Slovakia operations and product manager for cooking worldwide until 2014. Subsequent to his time at Dometic, Moresco became the majority shareholder of Brescia, Italy-based CAN S.r.l. In 2018, Moresco oversaw the negotiation of an exclusive partnership agreement between CAN and Airxcel's Suburban division for the distribution of Italian cooktops to the North American RV market.

"While working with Suburban, I was able to personally experience and appreciate the advanced capabilities of the Airxcel group of companies, and to understand and support their strategies. I value the autonomy and independence that Airxcel leaves to its brand companies," stated Moresco.

Lorenzo Bellini, Moresco's partner in CAN S.r.l. and the founder's son, will remain in his key role as product manager. CAN S.r.l. customers can expect only enhanced customer service and advanced innovation as Airxcel and CAN S.r.l. share technologies and capabilities going forward.

"Our business has continued to offer distinctive product designs into the market resulting in exponential growth," said Bellini. "Our customers have rewarded our innovation and partnership by entering into extended agreements including the major European motorhome manufacturers. I am excited that we will be able to offer our customers even more innovative products in terms of technology, design and elevated service, reinforcing the trusted relationships that we have developed over many years with our partners."

"We are extremely pleased to welcome CAN into the Airxcel family and to announce our new European initiative. The CAN acquisition, the first of many, expands Airxcel's geographic footprint and demonstrates our long-term commitment to the European caravan and motorhome markets. We look forward to building upon CAN's partnerships with OEMs and providing innovative solutions with our Aqua-Hot, Coleman-Mach, Dicor, Maxxair, MCD, Suburban, United Shade and Vixen brands," said Jeff Rutherford, Airxcel's president and CEO.

Airxcel, Inc.
Airxcel began in 1991 when the Coleman company divested their Coleman RV Air Conditioner division to a group of company executives. Since that time, the company has continued to grow through innovative product development, market expansion and strategic acquisitions. The Airxcel RV Group provides industry-leading products in recreational vehicle heating, cooling, ventilation, cooking, window covering, side wall and roofing materials under the brands: Aqua-Hot, CAN, Coleman-Mach, Dicor, United Shade, Vixen Composites, Maxxair, MCD, and Suburban. The Airxcel Commercial/Industrial Group provides highly engineered cooling and ventilation solutions for telecommunications, energy development and storage, and education/multi-tenant housing industries under the brands: Marvair, Eubank and Industrial Climate Engineering (ICE). Airxcel's 1,200-plus employees are based in eight facilities across the U.S. and Europe, and design, manufacture and distribute products all over the world. Airxcel is majority owned by the global private equity firm, L Catterton. Learn more about these trusted brands at www.Airxcel.com.

CAN S.r.l.
CAN is a leading designer and manufacturer of branded appliances for the nautical/marine and RV markets. For over three generations, CAN has provided products and service to the nautical/marine market and has established a reputation for product reliability, quality and its comprehension of daily nautical life, translating it into functional and innovative designs. In 2009, CAN entered the camper/camping sector with an array of new products. CAN manufactures boat, camper van and caravan accessories made from stainless steel including built-in and countertop cookers, gel/alcohol fuel cookers, gas cookers, toughened glass hobs, stainless steel sinks, bow rollers, control units and flaps for the boating industry.

Airxcel, Inc.
3050 N. St. Francis Street
Wichita, KS 67219 U.S.A.
P: +1.316.832.3400
www: airxcel.com

Contact: Caroline Callahan
E: ccallahan@airxcel.com
P: +1.303.651.5500 ext. 111

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