Another Acquisition for Patrick Industries
(photo courtesy of Patrick Industries)
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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 (Nasdaq: PATK) has announced the acquisition of another company, Collins & Co. in Bristol. The total cash consideration in the deal is approximately $36.5 million.
Collins distributes appliances, trim products, fuel systems, and other items for the RV market, along with housing and industrial markets, and had approximately $57 million in revenue in 2017. Patrick Chief Executive Officer Todd Cleveland "Collins’ industry reputation and innovative product offerings provide us with an opportunity to leverage our existing platform and expertise within our distribution businesses and our nationwide geographic footprint to expand our presence in the RV, housing and industrial markets, and further increase our RV content per unit." Collins’ President, Rich Collins, says "After more than 20 years in business, Collins’ exceptional team and I are excited to partner with the Patrick organization, which shares our long-term vision to be a premier high-quality distributor to the markets we serve."
The acquisition includes accounts receivable, inventory, machinery and equipment, and prepaid expenses. Patrick will continue to operate Collins on a stand-alone basis, under its own brand, in its three existing locations. This is the latest in a stream of acquisitions from Patrick, dating back to 2017. This is the 3rd acquisition since the new year began, with purchases of IMP Holdings earlier this month, along with Metal Moulding Corp and Aluminum Metals Co. in February.