ELKHART, Ind., Sept. 19, 2011 -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") announced today that it has completed the acquisition of certain assets of Syracuse, Indiana-based A.I.A. Countertops, LLC ("AIA"), a premier fabricator of DuPont(TM) Corian® countertops, backsplashes, tables, signs, and other products for the RV and commercial markets, for a net purchase price of approximately $5.7 million. AIA's projected annualized revenues are approximately $20 million. The acquisition is expected to be immediately accretive to earnings.
The acquisition was primarily funded through borrowings under the Company's revolving credit facility and subordinated financing provided by Northcreek Mezzanine Fund I, L.P. ("Northcreek") and an affiliate of Northcreek, in the form of secured senior subordinated notes. Northcreek is an existing lender to and shareholder of Patrick. In addition, certain former members of AIA's ownership group will carry a note receivable from the Company. AIA's current management team will continue to manage the operation under the AIA name in its existing manufacturing facility following the closing.
"The acquisition of AIA is a natural fit with Patrick's existing RV and commercial businesses as it will afford us the opportunity to gain additional penetration and foothold in the RV and industrial market sectors and bring added value to our customers in terms of innovation, price, flexibility and product offering. Additionally, the strength and dedication of AIA's management team, with more than 27 years of industry and operational experience, and its solid reputation in the marketplace will be an asset to our organization as we continue to capitalize on our core competencies and execute on our strategic initiatives," stated Todd Cleveland, President and Chief Executive Officer.
About Patrick Industries
Patrick Industries, Inc. (www.patrickind.com) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 12 states. Patrick's major manufactured products include decorative vinyl and paper panels, wrapped mouldings, cabinet doors and components, interior passage doors, slotwall and slotwall components, and countertops. The Company also distributes drywall and drywall finishing products, wiring, electrical and plumbing products, electronics, cement siding, interior passage doors, roofing products, and other miscellaneous products.
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