- Patrick Industries (NASDAQ:PATK) completed the acquisition of the business and certain assets of Elkhart, Indiana-based Wire Design for ~$10.9M cash.
- The Company expects the acquisition to be immediately accretive to net income per share.
- Said Todd Cleveland, Chief Executive Officer of Patrick. "This acquisition represents a continued growth opportunity and strategic fit in combination with Patrick's current portfolio of wire harness brands and companies and will allow us to continue to capitalize on product and growth synergies in our primary and adjacent markets."
- "The acquisition of Wire Design will increase our content per unit in both the RV and marine industries as we continue to add innovative, value-added, quality products to our stable, further expanding our capabilities and increasing our value proposition to our customers," said Andy Nemeth, President of Patrick. "Consistent with previous acquisitions, we will support Wire Design 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."
- Press Release
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