Patrick Industries Closes on Acquisition
The Progressive Group has multiple offices
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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 acquisition of an electronics technology distribution business. The company says the $11 million deal for The Progressive Group will allow it to expand its electronics and component offerings in the recreational vehicle and marine markets.
Progressive has seven locations that serve 16 states. The company has been around for more than 15 years. Patrick Chief Executive Officer Todd Cleveland says "this acquisition is well-aligned with our strategic initiatives and capital allocation strategy and represents an excellent opportunity to diversify our product offerings into new markets including big box retail and custom home and car audio shops, as well as further positioning us to capitalize on the continued growth and upside potential in the residential housing market."
Progressive says its 2015 revenues totaled around $23 million. Founder David Russell says "Progressive’s 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 and rep firm for the markets we serve."
Patrick plans to operate Progressive as a stand-alone business. It will keep the Progressive brand name and continue in its existing facilities.