ELKHART, Ind. - Patrick Industries set the price for an underwritten public offering of 1,350,000 shares of common stock at $73 per share.
Traded on the NASDAQ exchange under the ticker symbol PATK, Patrick Industries says it granted underwriters a 30-day option to purchase up to an additional 202,500 shares of common stock. The offering is expected to close on March 14, 2017, with all of the net proceeds of the offering to pay down a portion of its outstanding indebtedness.
Patrick Industries, Inc. was founded in 1959 and, after a torrid pace of acquisitions over the past three years, has become a major manufacturer of building products and materials for the recreational vehicle and manufactured housing industries, as well the kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
Patrick operates over 60 manufacturing and distribution facilities located nationwide in 16 states. Net sales for 2016 increased thirty-three percent or $301 million, to $1.2 billion.
Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures, fiberglass and plastic component products including front and rear caps and marine helms, softwoods lumber, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components.
In addition, Patrick Industries is an independent wholesale distributor supplying pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, cement siding, raw and processed lumber, fiber-reinforced polyester 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.