Patrick Industries Expands Boating Products Line
ELKHART - Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed the acquisition of G.G. Schmitt & Sons Inc., a designer and manufacturer of customized hardware and structural components for the recreational boating industry.
Patrick says G.G. Schmitt's trailing 12-month revenue through August 2019 was approximately $20 million.
The company says the purchase is aligned with its strategic plan within the boating sector.
"We believe the marine industry is well-positioned for long-term growth, and we are excited to partner with the G.G. Schmitt team,” said Andy Nemeth, president of Patrick. “Consistent with previous acquisitions, we will support G.G. Schmitt with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success."
The Lancaster, Pennsylvania-based OEM parts maker also has plants in Sarasota, Florida and Summerville, South Carolina.
Patrick says it will continue to operate G.G. Schmitt on a stand-alone basis under its brand name in its existing facilities.
"After more than 68 years as a family-owned business in the marine industry, we are incredibly pleased to join the Patrick family which will continue to support the G.G. Schmitt team and our plans for continued growth and expansion,” said Ron Schmitt, chief executive officer of G.G. Schmitt. “We are excited to be a part of Patrick's family of brands and are looking forward to the next phase of executing on the many strategic initiatives and opportunities in front of us."
Patrick Industries is a manufacturer and distributor of component products and building products for the recreational vehicle, marine, and manufactured housing industries.