Adds the BrakeBuddy® To Its Product Offering
COSTA MESA, Calif. - December 8, 2003 - Hopkins Manufacturing Corporation announced today, it has acquired the assets of Master Concepts, Inc. - the market-leading supplier of auxiliary braking systems for the RV market. The purchase price and transaction terms were not publicly disclosed.
RSM EquiCo served as the exclusive financial advisor to Master Concepts, initiating, negotiating and structuring the transaction.
Sedalia, Col.-based Master Concepts is the designer, developer and manufacturer of the patented BrakeBuddy®, the innovative auxiliary braking system for the RV motorhome market. BrakeBuddy® leads the market as the easiest to use supplementary braking system for towed vehicles. The system takes the dead weight of the towed vehicle off of the motorhome, so that the motorhome's brakes do not become overheated, causing brake fade or brake failure.
"We are very excited to see BrakeBuddy® join the Hopkins family," said Bradley T. Kraft, president and chief executive officer of Hopkins. "This acquisition clearly reflects Hopkins' continued commitment to the Towing segment and increases our participation in the exciting RV market.
"Master Concepts has done an excellent job of bringing RV owners the most advanced technology available in an easy-to-use manner," Kraft continued. "Users of the BrakeBuddy® enjoy the knowledge that they are ensuring themselves of towing safety and compliance with the increasingly strict enforcement of towing laws across most U.S. states and Canada."
Master Concepts was founded in 1996 by Dan Decker, Sr. and Dan Decker, Jr. Decker, Jr., president of Master Concepts, said, "Along with my partner and CFO, Alec Brock, we have worked to develop BrakeBuddy® into the #1 RV tow brake with the most recognizable brand name in the industry. We've accomplished this by focusing on technology and ease of use for the RV'er. We foresee more growth as safety concerns surrounding braking performance continue to increase among RV owners who are towing vehicles. By aligning with Hopkins, we can accelerate this growth and the introduction of additional new products to our customers."
Hopkins said the BrakeBuddy® will fit with its existing line of trailer braking products and other towing accessories, providing an excellent platform to serve the RV market.
About Hopkins Manufacturing Corporation
Hopkins is a leading designer, manufacturer and marketer of innovative consumer products for the RV and automotive aftermarkets, as well as of service products for automobile dealers, repair shops and safety inspection facilities. Built on a philosophy that its products will reflect an Image of Difference®, the company is celebrating its 50th anniversary this year. For further information, see www.hopkinsmfg.com or www.brakebuddy.com
About Harbour Group
Harbour Group, the parent of Hopkins, is a privately owned company based in St. Louis. Harbour Group, its related companies and former subsidiaries are engaged in the manufacture of industrial products, including automated production equipment, auxiliary plastic processing equipment, automotive accessories, spray equipment and products, textile machinery, component parts for the computer industry, pre-engineered building components, and heat exchange equipment. These businesses have annual revenues in excess of $1.5 billion. For additional information, log on to www.harbourgroup.com
About RSM EquiCo, Inc.
RSM EquiCo is a leading global investment banking firm serving private middle-market companies throughout North America. With more than 400 professionals and support personnel, we specialize in mergers, acquisitions and divestitures for non-public companies with up to $500 million in annual revenues. Based in Costa Mesa, California, with additional offices in Chicago and London, RSM EquiCo is part of RSM McGladrey Business Services, a business segment of H&R Block Inc.