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

    • How Telling Your Customers 'No' Can Improve Loyalty

      Business usually try to convert customers into loyalists by giving them what they want. That statement seems obvious... until it's not. Take Milktooth in Indianapolis, for example. The restaurant has become a star of the food scene by telling customers "no." This flies in the face of what most businesses consider to be standard operating procedure. But for Milktooth, saying no is simply good business.

    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

    • How Telling Your Customers 'No' Can Improve Loyalty

      Business usually try to convert customers into loyalists by giving them what they want. That statement seems obvious... until it's not. Take Milktooth in Indianapolis, for example. The restaurant has become a star of the food scene by telling customers "no." This flies in the face of what most businesses consider to be standard operating procedure. But for Milktooth, saying no is simply good business.

    • Historic Indy Building to Become Hotel

      A nearly 110-year-old building in downtown Indianapolis will soon have new life. Indianapolis-based real estate development firm Loftus Robinson is partnering with Kimpton Hotels & Restaurants in California to transform the former Odd Fellows building into a 130-room hotel with a signature restaurant. Financial terms of the project are not being disclosed, however the developer says the hotel is scheduled to open in early 2020 and create about 150 hotel and restaurant jobs.

    • Lessonly Announces More Growth

      Indianapolis-based Lessonly Inc. says a $2 million investment will create more than 100 jobs by 2020. The training software company says it will initially build on its current operations, but will look to expand its footprint in the city during the next five years. Last month, Lessonly announced an $8 million round of funding. The growth will more than double the current size of the Lessonly team. The new positions are expected to pay...

    • New Hotel Opens in Vincennes

      An $8.5 million hotel is now open in southwest Indiana. The 79-room Hampton Inn by Hilton Vincennes employs 21 associates. Hotel Development Services and Vincennes Hotel Developers LLC owns the property, which is managed by Indianapolis-based General Hotels Corp. General Manager Virgil Rasche says...

    • Second Vigo County School Funds Thief Convicted

      An accomplice in a theft of more than $110,000 from the Vigo County School Corp. has been convicted in federal court. Franklin Fennell, the district's former facilities director, will serve up to 20 years in prison for a scheme involving kick-backs on falsified work invoices. The office of United States Attorney Josh Minkler says Fennell and former Vigo County Sheriff's Department deputy Frank Shahadey worked with a local contractor to create and submit invoices that either included...