ELKHART, Ind. — Patrick Industries Inc., No. 69 in the FDMC 300, has completed a $315 million acquisition of Sportech, LLC, a designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket.

Patrick Industries is a manufacturer and supplier of wood, laminated, and other components for the RV, marine and housing market. The company employs approximately 10,000 people nationwide.

In connection with the acquisition, the company expects to record one-time, non-recurring pretax charges in the first quarter of 2024 of approximately $7 million related to transaction fees and non-cash purchase accounting adjustments.

“This acquisition helps to solidify our presence as a key component solutions supplier to the Powersports market and aftermarket, and extends the runway for us to continue to drive our strategic growth plan in alignment with our Outdoor Enthusiast vision,” said Andy Nemeth, Chief Executive Officer of Patrick.  “We are very excited to officially welcome Sportech to the Patrick family of brands.”

Sportech, based in Elk River, Minnesota, is a leading designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket, including integrated door systems, roofs, canopies, bumpers, windshields, fender flares and cowls. With a focus on supplying premium components to the powersports industry, particularly the attractive utility vehicle segment of the market, Sportech recorded an estimated calendar year 2023 revenue of approximately $255 million, resulting in a five-year compound annual growth rate of 17%. The acquisition is expected to be immediately accretive to profit margins and net income per share.