ELKHART, IN -- Wood components firm Patrick Industries, Inc. says it completed the acquisition of assets of PolyDyn3, a custom fabricator of simulated wood and stone products such as headboards, fireplaces, ceiling medallions, columns and trims, for the recreational vehicles.
The deal is one of a long string of acquisitions by Patrick Industries, which makes wood components for the cabinetry market as well as other products. Earlier this year Patrick acquired Foremost Fabri Industries, and last year it acquired a half-dozen wood products companies.
The net purchase price for PolyDyn3 of approximately $1.3 million was funded under the Company's existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the PolyDyn3 brand name in its existing facility. PolyDyn3's 2014 revenues will be approximately $2.5 million. Both firms are based in Elkhart, a hotbed of rebounding RV manufacture.
"The acquisition will afford us the opportunity to bring in-house new production capabilities and product lines that we previously represented through one of our distribution business units," says Todd Cleveland, CEO of Patrick.
PolDyn "virtual" wood and stone simulate the real thing, and are even fashioned using CAD/CAM, CNC machining, and RotoMold custom molding. The company features complete woodworking and metalworking operations, and multiple CNC machinery.
Have something to say? Share your thoughts with us in the comments below.