Patrick Acquisitions Continue
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) is continuing its acquisition momentum. The company has completed its deal for Wisconsin-based Dowco Inc., though financial details were not immediately disclosed.
Dowco designs and manufactures custom boat covers and bimini tops, full boat enclosures, mounting hardware, and other components for the marine market. The company has several manufacturing facilities, including one in Fort Wayne.
"This acquisition is well-aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the Dowco team to help further drive brand value," said Andy Nemeth, president of Patrick. "Consistent with previous acquisitions, we will support Dowco with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success."
Patrick says Dowco’s 12-month revenue through April 2018 totaled approximately $37 million. The company says Dowco will continue to operate on a standalone basis under its brand name at its existing facilities.
Dowco is the sixth company acquired by Patrick in 2018. Throughout the first five months of the year, the company completed its acquisitions of Metal Moulding Corp. in Tennessee, Aluminum Metals Co. LLC in Elkhart, Indiana Marine Products in Angola, Collins & Co. in Bristol, and Dehco Inc. in Elkhart.