Patrick Completes Purchase of Indiana Marine Products

(photo courtesy of Patrick Industries)

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Elkhart-based Patrick Industries, Inc. (NASDAQ: PATK) has finished the acquisition of Angola-based Indiana Marine Products. The deal is worth $18.5 million, plus the potential of another $11.5 million if certain performance metrics are met over the next three years. 

IMP manufactured and distributed fully-assembled helm assemblies, including dash panels, instrumentation , and other marine market products. "As we continue to execute on our disciplined capital allocation strategy, the acquisition of IMP is a great fit within our portfolio of recognizable brand companies that highly complements our value proposition to the marine markets, and will help drive growth and synergy realization," said Todd Cleveland, Patrick CEO. 

The deal includes the acquisition of accounts receivable, inventory, and machinery and equipment, and was funded under the Company’s existing credit facility.  Patrick will operate IMP on a stand-alone basis, in its existing facilities under its brand name.