Patrick Industries Completes Acquisition

Patrick CEO Todd Cleveland says Patrick's marine platform now represents more than $125 million in annual revenue.

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its acquisition of Cana Holdings Inc. and its subsidiaries. Chief Executive Officer Todd Cleveland says the $16.8 million deal will allow Patrick to expand its footprint as a supplier in the manufactured housing and industrial markets.

Patrick says Cana, which has two operations in Elkhart and one in Georgia, manufactures custom cabinetry for the MH industry and the residential, hospitality and institutional markets.

"This acquisition is an excellent opportunity for Patrick to further increase our MH content, as we are increasingly optimistic about the future potential for growth in the MH market," said Cleveland. "Cana’s portfolio of products will also provide us with an increased presence in the expanding residential housing market for both new construction and remodels."

Cana President Dave Geiger says the acquisition provides a great opportunity for our stakeholders and a continued opportunity for growth. Patrick says it will continue to operate the business on a stand-alone basis under the Cana brand name.