Patrick Touts Strong Year For Acquisitions
(photo courtesy of Patrick Industries)
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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 reporting a jump in acquisitions. In its annual investor presentation, the recreational vehicle manufacturer says it acquired 13 companies in 2017 for a total of nearly $249 million, compared to $139 million for eight companies the previous year.
Patrick says the total purchase price for the acquisitions in 2017 was nearly $20 million more than 2013, 2014 and 2015 combined. The deals also created nearly $310 million in annualized revenue for the company.
The acquisitions have driven continued growth for the company. In its third quarter earnings report released in October, which has the most recent data available, the company reported year-to-date net income of $56.7 million, compared to $42 million through the same period in 2016.
The acquisitions completed by Patrick in 2017 include:
Medallion Plastics Inc. – $10 million
Leisure Product Enterprises LLC (and subsidiaries) – $73.5 million
Wire Design – $10.9 million
Baymont Inc. – $3.4 million
Indiana Transport Inc. – $59 million
LMI Inc. (and related companies) – $81 million
Nickell Moulding Co. Inc. – $11 million
You can view the full investor presentation by clicking here.