Patrick Completes Rockford Acquisition
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its previously-announced acquisition of Arizona-based Rockford Corp. and the Rockford Fosgate brand. Rockford designs and distributes audio systems and components for the powersports, marine, and automotive industries.
The company will continue to operate as a subsidiary of Patrick at its existing facilities.
“We are extremely excited about the attractive market dynamics and expansion opportunities this acquisition creates as we strategically grow our presence in powersports and leisure lifestyle enthusiast aftermarkets,” said Andy Nemeth, chief executive officer of Patrick. “We look forward to collaborating with the talented Rockford management team to grow their business and further enhance shareholder value.”
“The Rockford team and I are pleased to be a part of the Patrick family and continuing our legacy of innovation, high quality, and performance alongside Patrick and the markets that we both serve,” said Bill Jackson, president of Rockford.
Financial terms of the deal were not disclosed.