Patrick Acquires Mississippi Manufacturer
ELKHART - Elkhart-based Patrick Industries (Nasdaq: PATK) has completed the $3.4 million acquisition of Mississippi-based Baymont Inc. Patrick says the acquired company will continue to operate under the Baymont brand in its existing facilities.
Baymont manufactures fiberglass showers, tubs and tile systems for the manufactured housing and industrial markets. Patrick says, in addition to the $3.4 million purchase price, the deal also includes "contingent consideration" based on future performance.
"The acquisition of Baymont will expand Patrick's geographic footprint and fiberglass manufacturing capacity and capabilities in the Southeast where there is significant growth potential as well as provide opportunities to better serve our customers in the MH and residential housing markets," said Andy Nemeth, president of Patrick Industries. "In addition, the operational talent and expertise of the Baymont team will allow us to capitalize on product synergies, including expanding Baymont's existing fiberglass and tile product portfolio into the recreational vehicle, marine and other markets."
Nemeth says the acquisition will give Baymont a financial and operational foundation to preserve "the entrepreneurial spirit that has been so important to its success." Baymont President Mike Stockton calls the deal a "great fit" for the company.