Patrick Industries acquires cabinet door maker Maple City Woodworking
March 23, 2020 | 11:15 am CDT
ELKHART, In. - Patrick Industries Inc. has acquired Goshen, Indiana-based Maple City Woodworking, a manufacturer of hardwood cabinet doors and fascia for the recreational vehicle market. Maple City's fiscal 2019 revenue was approximately $12 million. Patrick Industries expects the acquisition to be immediately accretive to net income per share.
"The acquisition of Maple City provides the opportunity for Patrick to capitalize on our existing hardwood door manufacturing expertise and capabilities, increase our RV content per unit, and expand our footprint as a premier supplier to the RV market," said Andy Nemeth, President and Chief Executive Officer of Patrick.
"In addition, Maple City is an excellent fit with our entrepreneurial philosophy and we are excited about bringing the two companies together to continue to serve our customers at the highest level, providing high-quality, customized cabinet doors and components. Consistent with previous acquisitions, we will support Maple City with a financial and operational foundation that will allow it to capitalize on its core competencies."
Jeff Stine, President of Maple City, said, "After more than 18 years leading and growing our business, we look forward to partnering with Patrick, which is a great fit for our operation and will help propel Maple City to the next level."
The acquisition of Maple City includes the acquisition of working capital, machinery and equipment, and real estate. Patrick will continue to operate Maple City on a stand-alone basis under its brand name in its existing facilities.
Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands.
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