ELKHART, Ind. - Wood components giant Patrick Industries, Inc. (NASDAQ: PATK) acquired another company in its hometown of Elkhart: Vacuplast, LLC, known as L.S. Manufacturing, Inc., paying $11 millon.
Like many of the other deals that have propelled Patrick to a $1 billion firm, Vacuplast supplies the RV industry, in this case as a manufacturer of thermoformed plastic parts and components. LS Mfg.'s trailing 12-month revenues through May 2016 were $12 million.
"In addition to increasing our RV content per unit, complementing our existing product portfolio at our Charleston operations, and bringing new and innovative product lines, the acquisition of LS Mfg. allows us the opportunity to further expand our presence and capabilities in the growing plastics market."said Todd Cleveland, Patrick CEO.
Andy Nemeth, president of Patrick Industries, says LS Mfg. will receive financial and operational support to capitalize on its core business, but the aim is to maintain the creative entrepreneurial spirit
The net purchase price for LS Mfg. of approximately $11 million was funded under the Company's existing credit facility and includes the acquisition of accounts receivable, inventory, and machinery and equipment. Patrick will continue to operate the business on a stand-alone basis under the LS Mfg. brand name in its existing facility.
Patrick Industries, Inc.operates in 14 states producing decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture and other products for RVs, and for manufactured home markets.
Have something to say? Share your thoughts with us in the comments below.