Patrick Completes Acquisition of California Company

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(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."

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