Patrick Completes Acquisition of California Company

Posted: Updated:
(photo courtesy Patrick Industries) (photo courtesy Patrick Industries)
ELKHART -

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its $81 million acquisition of LMI Inc. in California. Patrick says it will continue to operate LMI on a stand-alone basis in its existing facilities.

LMI manufactures a variety of specialty building and recreational vehicle products, including shower enclosures, fabricated glass products, vanity and wall mirrors, wardrobe doors, closet organizers, and shelving. The company distributes the products under several brand names, which will continue under the new ownership.

"LMI's offerings complement our existing industrial product portfolio and further increase our RV content per unit, while also allowing us to provide a full suite of bath and shower products to both new and existing customers," said Todd Cleveland, chief executive officer of Patrick. "This acquisition is well-aligned with our strategic initiatives and capital allocation strategy and represents an excellent opportunity to expand and diversify our presence in the industrial markets and enter new sales channels with large scale home builders, commercial contractors, and big box retail customers."   

LMI operates six manufacturing and distribution centers in California and Nevada. The company has an additional manufacturing facility in China. Patrick is projecting LMI's full-year 2017 revenues to be approximately $75 million. 

Patrick President Andy Nemeth says the company will support LMI "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."

  • Perspectives

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Purdue University ranks #7 for Best Value in a college education in the U.S., according to the Wall Street Journal

      Two Indiana Schools Break Top 50 List of Best Colleges

      The Wall Street Journal and the Times Higher Education magazine have released their annual list of the top 801 colleges and universities in the country. Two Hoosier universities are included in the top 50.

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    • Purdue to Open Chick-Fil-A Amid Protests

      Citing overwhelming demand for Chick-fil-A’s food and services, Purdue University has announced it will allow the restaurant to open on campus. The university has been at the center of a debate over the Georgia-based food chain. 

    • Photo courtesy of Crestwood Village

      Justus Rental Properties Details Closures

      Indianapolis-based Justus Rental Properties, Inc. has announced it will be closing its assisted living service line at Crestwood Village West and Crestwood Village East. The company is also is in the process of selling the both communities.

    • (image courtesy of Pixabay/NIkolay Frolochkin

      State Revenue Ticks Higher in August

      Indiana revenue in August exceeded projections by nearly four percent. The Indiana State Budget Agency reports General Revenue funds last month hit $1.1 billion, 3.8 percent above projections. Sales tax revenue came in higher than anticipated at $693 million, more than three percent higher.