Patrick Completes $10M Acquisition

Patrick CEO Todd Cleveland says Patrick's marine platform now represents more than $125 million in annual revenue.

Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now

This audio file is brought to you by

0:00

0:00

Loading audio file, please wait.

Speed
1.00

• 0.25
• 0.50
• 0.75
• 1.00
• 1.25
• 1.50
• 1.75
• 2.00

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) says it has completed a $10 million acquisition of Medallion Plastics. Medallion, also based in Elkhart, makes components for the RV, specialty transportation and industrial markets.

Patrick Chief Executive Officer says the acquisition boosts the company’s current thermoforming portfolio of companies and "will allow us to capitalize on product synergies in adjacent markets." Medallion’s fiscal 2016 revenue was about $20 million.

Medallion will continue to operate on a stand-alone basis under the Medallion name.

The acquisition is the latest in a string of deals for Patrick. Last year, the company’s acquisitions included The Progressive Group, Cana Holdings Inc., Mishawaka Sheet Metal LLC, and Tennessee-based BH Electronics Inc.