ELKHART, Ind. - Patrick Industries Inc., ranked 82 in the FDMC 300, recently rattled off two more acquisitions - continuing the legendary acquisition spree it began in 2014. With sales of more than $1.2 billion, the company manufactures wood components and other products for the recreational vehicle (RV) market.
One of its acquisitions was Inland Plywood, an Indiana-based laminator and wholesale distributor of treated, untreated, and laminated plywood, primarily serving the marine market as well as the recreational vehicle and industrial markets. Inland had sales of around $60 million last year.
The other was Synergy RV Transport, a transportation and logistics service provider based in Goshen, Indiana. Synergy posted revenue of around $46 million last year.
"Synergy is a leading transportation service provider and supply chain partner for its diverse customer base, which includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses," said Andy Nemeth, president and CEO of Patrick. "This acquisition represents an attractive growth opportunity that will allow us to partner with the Synergy team to continue to expand our RV transport platform and network.”
Over the past few years, Patrick has acquired more than 25 companies.
In March, Patrick 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.
In December 2019, Patrick completed the acquisition of Topline Counters. Topline is a designer, engineer, manufacturer and installer of natural stone, quartz, laminate and solid surface kitchen and bathroom countertops.
The company saw tremendous growth in 2017 - nearly doubling its employees while acquiring eight companies:
- Nickell Moulding, a manufacturer of custom hardwood and wrapped mouldings, trim, and wood frames for the RV, retail, and manufactured housing makets - for $11 million cash.
- LMI Inc, a provider of specialty building and RV products, for $81 million
- Transportation and logistics provider Indiana Transport for an undisclosed amount
- Baymont Inc., a provider of fiberglass showers, tubs and tile systems for the manufacturing housing market, for $3.4 million
- Wire harness maker Wire Design for $10.9 million
- Leisure Product Enterprises LLC, a holding company with three manufacturing subsidiaries: Marine Concepts/Design Concepts, Florida Marine Tanks, and Marine Electrical Products, for approximately $73.5 million.
- Medallion Plastics for $10 million
Patrick also acquired eight companies in 2016: Sigma Wire International LLC and KRA International LLC in December, BH Electronics Inc. in August, Vacuplast LLC dba L.S. Manufacturing Inc. in July, Mishawaka Sheet Metal LLC in June, Cana Holdings Inc. in May, The Progressive Group in March, and Parkland Plastics Inc. in February.
See all other acquistions in a timeline on its website.
Founded in 1959 and based in Elkhart, Indiana, Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures, fiberglass and plastic component products including front and rear caps and marine helms, softwoods lumber, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components.
The company has operations in 20 states, Canada, China, and the Netherlands, employing more than 7,000.
Have something to say? Share your thoughts with us in the comments below.