Another Acquisition For Patrick
Patrick CEO Todd Cleveland says Patrick's marine platform now represents more than $125 million in annual revenue.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Patrick Industries Inc. (Nasdaq: PATK) has acquired another Elkhart company. Chief Executive Officer Todd Cleveland says the $11 million deal for Vacuplast LLC, which does business as L.S. Manufacturing Inc., allows Patrick to further expand its presence in the "growing plastics market."
L.S. Mfg. manufactures various thermoformed plastic parts and components, primarily for the recreational vehicle industry. Patrick President Andy Nemeth says L.S. Mfg. has a solid reputation in the industry.
"We are excited about bringing our two companies together to increase our value proposition to the RV and industrial markets," said Nemeth. "Consistent with our previous acquisitions, we will support LS Mfg. 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 have been so important to its success."
Patrick says L.S. Mfg. will continue to operate as a stand-alone business in its existing facility.
This is the latest in a string of acquisitions for Patrick Industries. The company closed on its acquisitions of Mishawaka Sheet Metal LLC last month, Cana Holdings Inc. in May and The Progressive Group in March.