Patrick Completes Two Acquisitions
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 completed the acquisitions of two northern Indiana companies. The company has acquired Sigma Wire International LLC, also based in Elkhart, along with Mishawaka-based KRA International LLC in deals totaling $25 million.
Sigma manufactures PVC insulated wire and cable products which are mainly used in the recreational vehicle and marine industries. KRA produces wire harnesses and associated assemblies for various markets, including RVs.
"The specialized design and engineering capabilities, manufacturing processes and state-of-the-art production equipment that Sigma and KRA possess, in conjunction with their industry leading reputations in the markets they serve, afford us the opportunity to further expand our presence and capabilities in the RV, marine, industrial, custom commercial vehicle, and heavy duty vehicle markets," said Todd Cleveland, chief executive officer of Patrick. "The strength and dedication of Sigma and KRA’s management team and their solid reputation in the marketplace will be an asset to our organization as we continue to execute on our strategic initiatives."
Patrick is projecting the combined 2016 revenues of the two companies to be approximately $21 million. The company says both Sigma and KRA will continue to operate under their respective brands in their existing facilities.