Patrick Industries acquires Structural Composites
June 06, 2015 - United States Of America
Patrick Industries said it has it has completed acquisition of the business and certain assets of Structural Composites of Indiana (SCI).
SCI is a fibre glass manufacturer of custom moulded large front and rear caps and roofs, primarily to the recreational vehicle (RV) market, and specialty fiber glass components for the transportation, marine and other industries.
“Patrick projects SCI's 2015 annual revenues to be approximately $18 million and expects the acquisition to be immediately accretive to 2015 net income per share,” it said in a press release.
"The acquisition of SCI, which is recognised in the RV industry as a premier high-quality manufacturer of large specialty fibre glass parts, is a great complement to our current fibre glass operations," said CEO Todd Cleveland.
"SCI has an excellent long-standing reputation for innovative high-quality, low-defect designs, customised engineered fibre glass components, and customer service,” he added.
“In addition, the acquisition of SCI will further enhance our position as an industry-leading supplier and offer us the opportunity to become a larger supplier to the RV, marine and other industrial markets,” Cleveland noted.
CEO at SCI Ken Baranowski said, "Patrick is a natural fit for our operation as we are poised for growth and the additional manufacturing expertise and resources that Patrick brings can help propel SCI to the next level."
The net purchase price for SCI of approximately $20 million was funded under the Company's existing credit facility, and includes the acquisition of accounts receivable, inventory and fixed assets.
Patrick will continue to operate the business on a stand-alone basis under the SCI brand name in its two existing facilities.
Patrick Industries is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture.
Patrick's manufactures decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, etc.
The Company also distributes drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, cement siding, FRP products, interior passage doors, roofing products, laminate, etc. (AR)
SCI is a fibre glass manufacturer of custom moulded large front and rear caps and roofs, primarily to the recreational vehicle (RV) market, and specialty fiber glass components for the transportation, marine and other industries.
“Patrick projects SCI's 2015 annual revenues to be approximately $18 million and expects the acquisition to be immediately accretive to 2015 net income per share,” it said in a press release.
"The acquisition of SCI, which is recognised in the RV industry as a premier high-quality manufacturer of large specialty fibre glass parts, is a great complement to our current fibre glass operations," said CEO Todd Cleveland.
"SCI has an excellent long-standing reputation for innovative high-quality, low-defect designs, customised engineered fibre glass components, and customer service,” he added.
“In addition, the acquisition of SCI will further enhance our position as an industry-leading supplier and offer us the opportunity to become a larger supplier to the RV, marine and other industrial markets,” Cleveland noted.
CEO at SCI Ken Baranowski said, "Patrick is a natural fit for our operation as we are poised for growth and the additional manufacturing expertise and resources that Patrick brings can help propel SCI to the next level."
The net purchase price for SCI of approximately $20 million was funded under the Company's existing credit facility, and includes the acquisition of accounts receivable, inventory and fixed assets.
Patrick will continue to operate the business on a stand-alone basis under the SCI brand name in its two existing facilities.
Patrick Industries is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture.
Patrick's manufactures decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, etc.
The Company also distributes drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, cement siding, FRP products, interior passage doors, roofing products, laminate, etc. (AR)