Patrick Completes $70M Marine Acquisition
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed the $73.5 million acquisition of Leisure Product Enterprises LLC. LPE is a holding company with marine manufacturing subsidiaries in Florida, North Carolina and Missouri.
Patrick says Leisure Product Enterprises holds three "highly complementary" manufacturing operations. Marine Concepts has two Florida locations and makes plugs and molds for fiberglass boat manufacturers. FMT, located in Henderson, North Carolina, makes aluminum fuel and holding tanks for the marine and industrial markets. MEP, in Lebanon-Missouri, manufactures custom wire harnesses, fiberglass components and other products for the fiberglass, aluminum and pontoon boat markets.
Patrick Chief Executive Officer Todd Cleveland says, after the acquisition, Patrick's marine platform represents more than $125 million in annual revenue.
"We believe the marine industry is well positioned for continued growth throughout all boat segments," says Cleveland, "and this acquisition represents a growth opportunity in combination with Patrick's current marine portfolio of companies to further expand our presence as a key component supplier in the marine market."