Patrick Acquires Elkhart Manufacturer
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its $11 million acquisition of another Elkhart manufacturer, Nickell Moulding Co. Inc. Patrick says Nickell will continue to operate in its existing facility under its brand name.
The deal included the acquisition of Nickell's accounts receivable, inventory, machinery and equipment. Nickell manufactures hardwood and wrapped mouldings and trim, custom wood frames, and door components for the recreational vehicle, manufactured housing, and retail and hospitality markets, among others.
Patrick is projecting Nickell's full-year 201 revenues to total approximately $21 million.
"Nickell's position as a high-quality national supplier of custom mouldings and frames complements our existing hardwoods expertise and product offerings, providing us with the opportunity to increase our RV and MH content per unit and leverage our capabilities in three of our core markets," said Todd Cleveland, chief executive officer of Patrick. "Nickell is an excellent fit with our entrepreneurial brand philosophy and this acquisition is well-aligned with our strategic initiatives and capital allocation strategy."
George Nickell, founder of Nickell Moulding Co., calls the acquisition a "natural fit" for his company.