ELKHART, Ind. - Patrick Industries has completed its $81 million acquisition of LMI Inc., a provider of specialty building and RV products, including items for closets and the bathroom.
News of the acquisition was announced Nov. 30. Founded in 1974 and headquartered in Ontario, California, LMI operates six manufacturing and distribution centers in California and Nevada, and an additional manufacturing facility in China. The company's projected revenues for 2017 are approximately $75 million.
Patrick said it will continue to operate LMI on a stand-alone basis under its brand names in its existing facilities. LMI designs, fabricates and installs wardrobe doors, closet shelving, bath products, as well as specialty glass and mirrors, for residential housing and commercial high-rise builders, general contractors, retailers, and RV manufacturers. The company's brands include: LMI, Chaparral, CoxUSA, All Counties Glass, and Shower Enclosures America. LMI is also an installer of ClosetMaid's MasterSuite laminate storage systems.
"LMI's offerings complement our existing industrial product portfolio and further increase our RV content per unit, while also allowing us to provide a full suite of bath and shower products to both new and existing customers," said Todd Cleveland, Patrick CEO. "This acquisition is well-aligned with our strategic initiatives and capital allocation strategy and represents an excellent opportunity to expand and diversify our presence in the industrial markets and enter new sales channels with large scale home builders, commercial contractors, and big box retail customers."
Andy Nemeth, president of Patrick, added LMI's geographic footprint in the western United States and portfolio of specialty bath and closet building products "will enable us to further penetrate the residential housing and commercial markets."
"Consistent with previous acquisitions, we will support LMI with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success," he continued.
Larry Methvin, founder and president of LMI, stated, "After more than 43 years in business, our exceptional team is excited to partner with the Patrick organization, which shares the same vision to supply innovative products and superior service to its customers."
Kent Snyder, principal at LMI, added, "The partnership with Patrick will enable us to expand our products and services into new geographic regions and further leverage LMI's proven business model and brands."
Based in Elkhart, Indiana, Patrick Industries Inc. (NASDAQ: PATK) is a components manufacturer and distributor of building products for the RV, manufactured housing, marine, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets. The company has operations in 20 states and in China.
Products manufactured include: decorative vinyl and paper laminated panels, slotwall panels, countertops, wrapped profile mouldings, cabinet doors and components, furniture, specialty bath and closet building products, softwoods lumber, interior passage doors, fabricated aluminum products, slide-out trim and fascia, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, fiberglass and plastic helm systems, electrical systems components, aluminum fuel tanks, and CNC molds and composite parts.
The company also distributes drywall products, electronics and audio systems components, wiring, electrical and plumbing products, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting, and other products.
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