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

    • Young Adults—On the Road to Financial Success or Disillusionment?

      A recent financial literacy survey conducted by Charles Schwab discovered some interesting findings about how young adults (ages 16 to 25) view their current and future financial well-being. Overall, they’re optimistic. But should they be? Inheritance Coming? Don’t Count on It! You may have heard there’ll be a major shift in wealth to the millennial generation as more baby boomers approach retirement. But if you’re a young adult, don’t celebrate...

    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

    • The Impact of Technology on Economic Development Policy

      In a world where technology is enabling almost everything, economic development policy makers are faced with several challenges when planning and implementing strategies for economic growth. Communities, regions and states must be able to adapt programs and initiatives to address the economic disruption caused by technology. In particular, investments in tech and talent are vital to ensuring economic growth and wealth creation for residents and businesses throughout the world.

    • 'Fresh Energy' Keeps Bloomington Indie Music Label Moving

      After more than 20 years, a Bloomington-based music label is continuing with its mission of showcasing the independent music scene locally and globally. Secretly Group, which includes the Secretly Canadian, Dean Oceans, Jagjaguwar and The Numero Group labels, has worked over the years with artists including Grammy-winner Bon Ivar, Major Lazer, Yoko Ono and Dinosaur Jr. It has grown to include the labels, a distribution business and a presence in New York, Chicago, Austin...

    • The Amazon Effect: How Big is The Economic Impact?

      Jeff Bezos, CEO of Amazon, increased his net worth by $6.44 billion dollars just by saying a few words. He announced the company's earnings on October 26, 2017, and Amazon stock jumped 8 percent. How are you impacted by the Amazon Effect?

    • Ball State Approves Room And Board Increase

      Ball State University trustees have approved a 1.6 percent room and board increase for the 2018-2019 academic year. President Geoffrey Mearns says the increase keeps the school's costs competitive while allowing it to provide modern residence halls to attract and retain top students. The average cost to live on campus for the 2017-2018 academic year is $10,032, which the school says is about $500 less than average for peer and ins-state institutions.

    • Another Illinois Company Moving to Indiana

      A steel supply and coil processing manufacturer is moving from Illinois to Gary. Alliance Steel says it will invest nearly $20 million to establish its northwest Indiana headquarters and create up to 130 jobs by 2023. The company says the move will allow it to meet growing customer demand in the automotive, construction, agriculture and transportation industries, among others. Alliance plans to begin renovations in early 2019 and be up and running in January 2020. It's investing...