Another Acquisition for Patrick Industries

Posted: Updated:
Patrick Industries acquires Collins & Company (photo courtesy Patrick Industries) Patrick Industries acquires Collins & Company (photo courtesy Patrick Industries)
ELKHART -

Elkhart-based Patrick Industries (Nasdaq: PATK) has announced the acquisition of another company, Collins & Co. in Bristol. The total cash consideration in the deal is approximately $36.5 million.

Collins distributes appliances, trim products, fuel systems, and other items for the RV market, along with housing and industrial markets, and had approximately $57 million in revenue in 2017.  Patrick Chief Executive Officer Todd Cleveland "Collins' industry reputation and innovative product offerings provide us with an opportunity to leverage our existing platform and expertise within our distribution businesses and our nationwide geographic footprint to expand our presence in the RV, housing and industrial markets, and further increase our RV content per unit." Collins' President, Rich Collins, says "After more than 20 years in business, Collins' exceptional team and I are excited to partner with the Patrick organization, which shares our long-term vision to be a premier high-quality distributor to the markets we serve."

The acquisition includes accounts receivable, inventory, machinery and equipment, and prepaid expenses. Patrick will continue to operate Collins on a stand-alone basis, under its own brand, in its three existing locations. This is the latest in a stream of acquisitions from Patrick, dating back to 2017.  This is the 3rd acquisition since the new year began, with purchases of IMP Holdings earlier this month, along with Metal Moulding Corp  and Aluminum Metals Co. in February. 

  • Perspectives

    • Digital Personas: Getting to a Segment of One

      Creating a digital persona means using data, machine learning and networked devices so a business can tailor messages and experiences to specific kinds of buyers and users. It sounds like a marketing unicorn, but it’s closer than you might suspect, thanks to the potential of digital personas. The ultimate goal of a digital persona is to achieve the marketer’s dream: a segment of one.

    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

    • DePauw University ranked No. 20 on list of Best "Colleges"

      Small Indiana Colleges Rank High Nationally

      Indiana has two institutions of higher learning, with intentionally small enrollments, that rank in the top 30 in the nation for an overall experience.  The personal finance website, WalletHub, conducted a survey of what it calls the 2020 Best College Ranking. 

    • (photo courtesy of Indianapolis International Airport)

      Indy Airport Showcases New Retail Offerings

      Indianapolis International Airport is celebrating the opening of the first wave of new retail offerings. The new stores are part of the airport's multi-year Concessions Refresh initiative, which aims to bring a greater mix of nationally-known brands, such as FAO Schwarz and Vineyard Vines, with more local offerings, including Natalie's Candy Jar and Fountain Square Market. In all, nine new retail stores opened Tuesday morning. In an interview with Inside INdiana Business...

    • Transpo is South Bend's municipal bus system. (photo courtesy of Transpo)

      South Bend Launches Free Fare Program

      The city of South Bend has launched a new initiative to help a select number of residents who don’t have reliable and easy access to transportation get to work. The program is called Commuters Trust. 

    • Photo provided

      Stone City Products Invests $2 Million in Expansion

      Bedford-based manufacturer Stone City Products is expanding. The $2 million, 30,000-square-foot project could result in a weekend shift, adding jobs as product lines increase. 

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to Fund AI Center

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.