ELKHART, IN -- RV wood components manufacturer Patrick Industries purchased North American Forest Products Inc., which manufactures softwood products, along with its subsidiary North American Moulding, for $85 million. The move allows the Elkhart, IN-based company to expand its market share as well as product lines.
"The acquisition of North American marks one of the largest acquisitions in our history and represents a seamless fit with our other operating entities, manufacturing expertise, and customer relationships,"said Todd Cleveland, president and Chief Executive Officer of Patrick. "We are looking forward to working with the North American management team, who will continue to run the business, and look to maximize synergy opportunities between the two organizations through an effective transition plan, continuing the momentum we have in the marketplace. Consistent with previous acquisitions, we will support North American 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."
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Along with the Patrick Industries' acquisition announcement, it also indicated that it has expanded its five-year $250,000 million credit facility to $300,000 million to support the company's business operations.
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