Patrick Industries completes third marine acquisition in two weeks

Tue Mar 13 2018, 14:19 PM

Patrick buys Indiana Marine Products

Patrick Industries has completed its third acquisition in the last two weeks. The Elkhart, Indiana, company has acquired Indiana Marine Products (IMP), which is a manufacturer of helm assemblies. Patrick paid US$18.5m in cash for IMP, plus the potential for an additional US$11.5 consideration if the company meets specified performance metrics over the next three years. IMP’s 2017 revenues were about US$33m.

“We believe the marine industry is well-positioned for continued growth and we are excited to partner with the IMP team to further expand our presence as a key component supplier in this space,” said Andy Nemeth, Patrick’s president, in a statement. The company will continue to operate as IMP on a standalone basis.

At the end of February, Patrick said it had completed Aluminum Metals Co, LLC, a manufacturer of different aluminum products for the marine and recreational vehicle industries. It paid US$16.5m for the company, which will also continue to operate under its own name. Its 2017 revenues were US$33m.

Also in late February, Patrick acquired Metal Moulding Corp for about US$20m. It manufactures custom metal fabricated products, primarily for the marine market.