Patrick Completes Purchase of Indiana Marine Products

Posted: Updated:
Patrick Industries acquires IMP Holdings (photo courtesy Patrick Industries) Patrick Industries acquires IMP Holdings (photo courtesy Patrick Industries)
ELKHART -

Elkhart-based Patrick Industries, Inc. (NASDAQ: PATK) has finished the acquisition of Angola-based Indiana Marine Products. The deal is worth $18.5 million, plus the potential of another $11.5 million if certain performance metrics are met over the next three years. 

IMP manufactured and distributed fully-assembled helm assemblies, including dash panels, instrumentation , and other marine market products. "As we continue to execute on our disciplined capital allocation strategy, the acquisition of IMP is a great fit within our portfolio of recognizable brand companies that highly complements our value proposition to the marine markets, and will help drive growth and synergy realization," said Todd Cleveland, Patrick CEO. 

The deal includes the acquisition of accounts receivable, inventory, and machinery and equipment, and was funded under the Company's existing credit facility.  Patrick will operate IMP on a stand-alone basis, in its existing facilities under its brand name.

  • Perspectives

    • Leaders Know How to Set the PACE

      Whether or not you’re a fan, you are probably familiar with the most important car in the starting field of most any major race event.  It’s the one car at the beginning of the race, the pace car, that provides the most important lessons since it plays a vital role in leading the way and helping the race get off to the appropriate start. There’s a lot for leaders to learn from that role. Having led countless nonprofits and business teams, and now consulting...

    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

    • (Image courtesy of the Indianapolis Colts.)

      Colts Announce Training Schedule, Title Sponsor

      The Indianapolis Colts and the city of Westfield have unveiled the schedule for the team's 2019 training camp at Grand Park Sports Campus. The camp will be held for the second time at the venue as part of a 10-year partnership announced last year. The team also announced the camp's title sponsor will be Indianapolis tech company...

    • TechPoint CEO Mike Langellier is among the event's speakers.

      New Partnership Goes on the Hunt for Tech Talent

      A new effort to attract top tech talent has launched in Indiana. TechPoint, the state's technology accelerator, is teaming up with Indianapolis-based TMap LLC, to find former Hoosiers currently working out of state in the tech industry and bring them back to Indiana. Through the initiative, the partners will identify the top 25 applicants who will be invited to a red carpet weekend this fall that will feature meetings with potential employers and events showcasing quality of life...
    • (photo courtesy of Dan McGowan)

      Senate Study Committee Assignments Revealed

      Indiana Senate President Pro Tempore Rodric Bray (R-Martinsville) has announced the interim study committee assignments for 2019. The interim study committees are set to meet this summer and fall to discuss a variety of topics ahead of the 2020 Indiana General Assembly.

    • (photo courtesy of the Indiana State Teachers Association)

      Former ISTA President Dies

      The former president of the Indiana State Teachers Association has died. Nate Schnellenberger began working with the ISTA in 1987 and was elected president in 2007, a role he held for six years. He was 68.

    • KSM Consulting Acquires Web Development Company

      Indianapolis-based KSM Consulting is adding to its portfolio. The firm, which specializes in technology, data analytics and management consulting, has acquired Connect Think, an app development company also based in Indy. Financial terms of the deal are not being disclosed.