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

    • Take Time to Face Reality

      When is the last time that you as a business owner truly stopped for 30 minutes or an hour and truly took some quiet time to reflect on your business? Like most owners, it’s probably been quite some time. We all get busy doing things, working hard, taking care of customers, running the business. But if we don’t take some time each day, week, month or quarter to slow down, we are setting ourselves up for failure. Business leaders and owners need the time to slow down to...

    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

    • (Photo Courtesy: Roche Diagnostics)

      Roche VP on List of Influential Women Executives

      An executive with Roche Diagnostics has joined an exclusive list of prominent and influential women, including Oprah Winfrey and Serena Williams.  Cindy Carlisle, Vice President of Human Resources at Roche Indy, was named to Savoy Magazine’s 2019 Most Influential Women in Corporate America. 

    • (Image courtesy of INDOT)

      Noblesville Details Infrastructure Improvement Projects

      The city of Noblesville announced plans for a major infrastructure partnership with the Indiana Department of Transportation that includes five new roundabout intersections. The $16 million total cost of the project will be split with INDOT covering $9.5 million.

    • Shelly Timmons

      IU Health Names New Leader of Neurosurgery

      The Indiana University School of Medicine and IU Health Physicians have named Shelly Timmons to lead the department of neurosurgery. She previously served at Penn State Health Milton S. Hershey Medical Center as vice chair for administration in the department of neurosurgery and director of neurotrauma.  

    • MainGate is headquartered in Indianapolis.

      New York Company to Acquire MainGate

      Indianapolis-based MainGate LLC will soon be under new ownership. New York-based Legends has announced plans to acquire the event retail and merchandise company, though financial terms of the deal are not being disclosed.  MainGate provides custom merchandise marketing services through event retail, team stores and e-commerce platforms. Legends says MainGate will integrate into its hospitality experience division, led by President Dan Smith. The company says it will use the...

    • Image courtesy of the Northeast Indiana Building & Construction Trades Council.

      New Leadership for Skilled Trades Coalition

      A coalition of Allen County educators and businesses which wants to highlight career opportunities for young people in skilled trades is getting a new name and new management. But its mission remains the same. Previously known as the Gateway Coalition, it’s now called the MadeByMe Coalition. As part of the transition, Greater Fort Wayne Inc, that areas’ chamber of commerce, now runs the operation. In an interview with Inside INdiana Business, GFW Chief Executive Officer...