ELKHART, Ind. - Patrick Industries, Inc. , a wood components and cabinetry supplier to recreational vehical and manufacturered home builders, has acquire Elkhart, Indiana-based Mishawaka Sheet Metal, a fabricator of aluminum and steel products for both segments. The $28 million firm was acquired for $14 million.
"The acquisition of MSM allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a leading supplier and manufacturer of high-quality, customized aluminum and steel components," said Todd Cleveland, Chief Executive Officer of Patrick. "In addition to further expanding our market presence and increasing our RV content per unit, the acquisition of MSM provides us the opportunity to continue to penetrate adjacent industrial markets with our broad product offering and value proposition."
"Our management team is excited and energized to join the Patrick organization and further showcase our aluminum and steel fabrication capabilities. The additional manufacturing and distribution expertise and resources that Patrick brings can help propel MSM and its team members to the next level," said Jeff Troyer, President of MSM.
"We look forward to partnering with MSM's management team who possess a long-standing reputation throughout the industries they serve for their state-of-the-art design, engineering, and fabrication capabilities, and quality customer and supplier relationships," said Andy Nemeth, President of Patrick. "Additionally, we are excited about bringing our two companies together to further expand the business and continue to offer new and innovative products to our customers. Consistent with our previous acquisitions, we will support MSM with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the creative entrepreneurial spirit and brand value that has been so important to its success."
The net purchase price for MSM of approximately $14 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 MSM brand name in its existing facility.
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, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 14 states. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures, fiberglass and plastic component products, softwoods lumber, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products.
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