ELKHART, Ind. -- Patrick Industries, Inc. has announced that it has completed the acquisition of Topline Counters, LLC, according to a news item on PRNewswire, Topline is a designer, engineer, manufacturer and installer of natural stone, quartz, laminate and solid surface kitchen and bathroom countertops, serving the single-family and multi-family residential markets as well as the commercial high-rise and big box retail markets.
Topline is headquartered in Sumner, Washington, with two additional locations in Spokane, Washington and Vancouver, Washington. Topline's trailing 12-months revenue through November 2019 was approximately $34 million. Patrick expects the acquisition to be accretive to 2020 net income per share.
"Topline possesses an excellent reputation in the various industrial markets it serves and has built long-standing relationships with residential home builders, commercial building contractors, kitchen and bath dealers, and big box retail companies based on delivering superior quality products and service," said Todd Cleveland, chairman and chief executive officer of Patrick. "This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the Topline team to help further drive brand value, growth and synergy realization."
The acquisition of Topline includes the acquisition of accounts receivable, inventory, machinery and equipment, and prepaid expenses. Patrick will continue to operate Topline on a stand-alone basis under its brand name in its existing facilities. See http://patrickind.com
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