- Patrick Industries (NASDAQ:PATK) completed the acquisition of the business and certain assets of Baymont for $3.4M plus contingent consideration based on future performance.
- The Company expects the acquisition to be accretive to 2018 net income per share.
- "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. "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. Consistent with previous acquisitions, we will support Baymont 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 acquisition of Baymont included the acquisition of inventory and machinery and equipment, and was funded under the Company's existing credit facility.
- Patrick will continue to operate the business on a stand-alone basis under the Baymont brand name in its existing facilities.
- Press Release
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