Patrick Continues Acquisition Momentum

Posted: Updated:
(photo courtesy of Patrick Industries) (photo courtesy of Patrick Industries)
ELKHART -

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its acquisition of a South Carolina-based manufacturer. Financial terms of the deal for Engineered Metals and Composites Inc. are not being disclosed. 

EMC designs and manufactures custom marine towers, frames, and other components for manufacturers in the marine industry. Patrick says it will continue to operate EMC on a stand-alone basis under its brand name in its existing facility.

"EMC's technical expertise and innovative product offerings complement our marine product portfolio, and provide us with an excellent opportunity to further penetrate the marine market, increase our content per unit, and leverage our existing capabilities within our marine-centric brands," said Todd Cleveland, chief executive officer of Patrick. "This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the EMC team to help further drive brand value."

While Patrick is not stating the specific price of the acquisition, the company says the deal was funded under its existing credit facility. 

This is the seventh acquisition for Patrick in 2018. The company's previous deals include the acquisitions of Marine Accessories Corp., Dowco Inc., Dehco Inc., Collins & Co., Indiana Marine Products, and Aluminum Metals Co. LLC.

  • Perspectives

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    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

    • (IIB Photo/Joe Ulery)

      Neighborhood Concerned About Old GM Site, Too

      As the city of Indianapolis and Ambrose Property Group squabble about the future of the old GM Stamping plant site in downtown Indy, a fight that could end up in court, residents who live near the property are weighing in with their concerns. Jay Napoleon, president of The Valley Neighborhood Association, says it’s important the mixed-use vision for the property remain intact. Napoleon and Ambrose Property Group Vice President Mali Simone Jeffers talked about the future of...

    • Hoosiers to be Honored in Chicago

      The Indiana Society of Chicago is set to honor what it calls some of the most consequential Hoosiers in Indiana history. The organization in December will hold its annual dinner, which is designed "to recognize and celebrate exceptional Hoosier individuals and institutions that are making outstanding contributions to the state and nation."

    • 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.

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    • The multi-year road project stretched from Bloomington to Indianapolis.

      INDOT to Update I-69 Extension

      The Indiana Department of Transportation has scheduled three public meetings for next week to update the community on the I-69 Section 6 road project.    Section 6 is an approximately $1.5 billion new interstate project stretching from Martinsville to I-465 in Indianapolis.