Patrick Industries, Inc. Completes Acquisition of Vacuplast, LLC d/b/a L.S. Manufacturing, Inc.
ELKHART, Ind., July 5, 2016 - Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that it has completed the acquisition of the business and certain assets of Elkhart, Indiana-based Vacuplast, LLC, d/b/a L.S. Manufacturing, Inc. ("LS Mfg."). LS Mfg. is a manufacturer of a wide variety of thermoformed plastic parts and components, primarily serving the recreational vehicle ("RV") market, as well as certain industrial markets. LS Mfg.'s trailing 12-month revenues through May 2016 were approximately $12 million and the Company expects the acquisition to be immediately accretive to 2016 net income per share.
"The acquisition of LS Mfg. allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a supplier and manufacturer of quality, customized thermoformed plastic products and components," said Todd Cleveland, Chief Executive Officer of Patrick. "In addition to increasing our RV content per unit, complementing our xisting product portfolio at our Charleston operations, and bringing new and innovative product lines, the acquisition of LS Mfg. allows us the opportunity to further expand our presence and capabilities in the growing plastics market."
"LS Mfg. has a solid reputation for innovative customized thermoformed plastic components, flexibility, and quality customer service," said Andy Nemeth, President of Patrick. "We are excited about bringing our two companies together to increase our value proposition to the RV and industrial markets. Consistent with our previous acquisitions, we will support LS Mfg. with a financial and operational foundation that will allow it to capitalize on its core competencies, while preserving the creative entrepreneurial spirit and brand value that have been so important to its success."
The net purchase price for LS Mfg. of approximately $11 million was funded under the Company's existing credit facility and includes the acquisition of accounts receivable, inventory, and machinery and equipment. Patrick will continue to operate the business on a stand-alone basis under the LS Mfg. brand name in its existing facility.
About Patrick Industries
Patrick Industries, Inc. (www.patrickind.com) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 14 states. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures, fiberglass and plastic component products, softwoods lumber, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products.
SOURCE Patrick Industries, Inc.
CONTACT:
Julie Ann Kotowski,
Patrick Industries, Inc.,
574-294-7511 / kotowskj@patrickind.com
Web Site: www.patrickind.com
