One Rock Capital Partners Sells Airxcel to an affiliate of L Catterton

NEW YORK, March 14, 2018 – One Rock Capital Partners, LLC (“One Rock”) announced today
that one of its affiliates has signed a definitive agreement to sell AXL Holdings, Inc. (“Airxcel”) to
L Catterton. Airxcel is one of the largest suppliers of industry-leading branded products to the RV
industry and niche segments of the industrial and commercial HVAC market. Financial terms were
not disclosed. 

“Since our acquisition in 2014, Airxcel has nearly doubled earnings through strong organic growth,
internal operational improvements and the acquisition and integration of three highly
complementary businesses. The business is well-positioned to continue on that trajectory under the
leadership of CEO Jeff Rutherford and his management team,” said One Rock Managing Partner
Tony W. Lee. 

“During One Rock’s ownership Airxcel reduced working capital by half, implemented lean
manufacturing practices throughout its production footprint and successfully integrated three
acquisitions, while building an active pipeline of future opportunities. One Rock’s Operating
Partners and the management team have worked closely together to build a market leading supplier
of industry-leading branded products with the execution discipline to continue to build upon its
success to date,” One Rock Managing Partner R. Scott Spielvogel added. 

One Rock Operating Partners Gary Tapella and Eric Evans served on the Board of Airxcel and
have worked closely with management to map the business’s strategic direction, improve
manufacturing efficiencies, drive supply chain improvements, identify and integrate acquisitions
and innovate for its customers. One Rock Operating Partner Mark Oakeson partnered with Airxcel
management to substantially enhance the pace and scope of the company’s operational
improvement and lean manufacturing capabilities. 

Jefferies LLC and Robert W. Baird & Co. served as financial advisors to Airxcel and One Rock on
the transaction.

About One Rock Capital Partners, LLC 

One Rock makes controlling investments in companies with potential for growth and operational
improvement using a rigorous approach that utilizes highly experienced Operating Partners to
identify, acquire and enhance businesses in select industries. The involvement of these Operating
Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and
investments in all types of situations, regardless of complexity. One Rock works collaboratively
with company management and its Operating Partners to develop a comprehensive business plan
focused on growing the enterprise and enhancing its profitability to enhance long-term value. One
Rock also has a unique strategic relationship with Mitsubishi Corporation, which can provide
strategic resources to One Rock and its portfolio companies, including access to potential new
business partners, market intelligence, and low cost sourcing through increased purchasing power
globally. For more information, visit


One Rock Capital Partners, LLC: (212) 605-6000

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