Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its acquisition of another Elkhart company. The deal to purchase Wire Design, a wire harnesses manufacturer, is valued at nearly $11 million. Wire Design has customers in the recreational vehicle, marine and industrial markets.
Patrick Chief Executive Officer Todd Cleveland says the purchase will give his company the opportunity to expand its offerings. "This acquisition represents a continued growth opportunity and strategic fit in combination with Patrick’s current portfolio of wire harness brands and companies and will allow us to continue to capitalize on product and growth synergies in our primary and adjacent markets," said Todd.
Wire Design President Mike Doering says the deal is "a natural fit for our operation as we are poised to achieve the next level in our strategic growth plan." He adds "after more than 30 years in business, our team is eager to partner with the Patrick organization to help further grow the Wire Design brand and bring a variety of product solutions to many different customers and markets."
Patrick will continue to operate the business on a stand-alone basis under the Wire Design brand name in its existing facility. In late April, Patrick Industries reported a first quarter net income of $17.5 million, up from $13 million during the same period in 2016.