Elkhart-based Patrick Industries (Nasdaq: PATK) has acquired RV and marine housing accessories maker Dehco Inc. Dehco is also based in Elkhart and primarily makes flooring, kitchen and bath products, along with sealants and adhesives, electronics and appliances.
Dehco controls one facility in Elkhart, and four distribution centers in Indiana, Oregon, Alabama and Pennsylvania, and had a 2017 full-year revenue of $88 million. "Dehco’s complementary product lines align with our existing RV product portfolio and provide us with an opportunity to leverage our existing manufacturing and distribution platforms and nationwide geographic footprint to further increase our RV content per unit and product offerings in the primary markets we serve," said Todd Cleveland, chief executive officer of Patrick.
This is the fourth acquisition of the new year for Patrick, after already buying IMP Holdings, Metal Moulding Corp., and Aluminum Metals Co. Patrick President Andy Nemeth says the acquisition is well-aligned with the company’s strategic initiatives "Consistent with previous acquisitions, we will support Dehco with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success."
Patrick will continue to operate Dehco on a stand-alone basis under its brand name. Total cash consideration in the deal was $53 million.