ELKHART, IN - Patrick Industries, Inc. (NASDAQ: PATK) has acquired the business and some assets of Goshen, IN-based Foremost Fabricators, LLC, paying $45 million.
Foremost, with $75 million in revenue, fabricates aluminum products, fiber reinforced polyester sheet and coil, and custom laminated products used in recreational vehicles.
"Foremost, which is recognized as the industry leader in the laminated and fabricated roll formed aluminum product lines primarily used for exterior sidewalls in the RV market, will help us to bring new value added product lines to our customer base," said Todd Cleveland, CEO of Patrick. "The acquisition of Foremost will allow Patrick to further expand its presence in the RV market."
Patrick Industries says the acquisition was funded under a newly expanded credit facility and includes the acquisition of accounts receivable, inventory, prepaid expenses, and machinery and equipment.
In conjunction with acquiring Foremost, Patrick Industries entered into a fourth credit amendment to its five-year, $80 million revolving credit facility with Wells Fargo Bank and Fifth-Third Bank.
Have something to say? Share your thoughts with us in the comments below.