LONDON, UK / ACCESSWIRE / March 21, 2018 / Active-Investors.com has just released a free research report on Patrick Industries, Inc. (NASDAQ: PATK). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=PATK as the Company's latest news hit the wire. On March 19, 2018, the Company shared that it has completed the acquisition of Collins & Co., Inc. including its business and certain assets. The all-cash deal is valued approximately $36.5 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Patrick Industries most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=PATK
Details of the acquisition
The transaction allows Patrick Industries to expand its product offerings and presence in the RV, housing, and industrial markets. The deal included the accounts receivable, inventory, prepaid expenses, and machinery and equipment of Collins & Co. Patrick Industries plans to fund the acquisition through its existing credit facility. The Company also plans to operate Collins & Co. on a stand-alone basis under its brand name at three of its existing facilities. Patrick Industries expects the acquisition to be immediately accretive to its EPS.
Management Quotes
Commenting on the acquisition of Collins & Co., Todd Cleveland, CEO of Patrick Industries, said:
"Collins' industry reputation and innovative product offerings provide us with an opportunity to leverage our existing platform and expertise within our distribution businesses and our nationwide geographic footprint to expand our presence in the RV, housing and industrial markets, and further increase our RV content per unit."
Andy Nemeth, President of Patrick Industries, added:
"The acquisition of Collins is well-aligned with our strategic initiatives and capital allocation strategy focused on partnering with strong management teams and driving brand value within the markets we serve."
Rich Collins, President of Collins & Co., stated:
"After more than 20 years in business, Collins' exceptional team and I are excited to partner with the Patrick organization, which shares our long-term vision to be a premier high-quality distributor to the markets we serve."
About the Acquiree - Collins & Co., Inc.
Bristol, Indiana-based Collins & Co. was founded in 1997 by Rich Collins and Glenn Bruce. The Company is a distributor of appliances, trim products, fuel systems, flooring, tile, and other related building materials primarily catering to the recreational vehicle (RV) market as well as the housing and industrial markets. The Company's revenues for full FY17 was approximately $57 million.
Growing via Acquisitions
Patrick has already acquired three Companies within the first three months of FY 2018 excluding Collins & Co. In early March 2018, the Company acquired Angola, Indiana-based Indiana Marine Products Holdings LLC., a manufacturer and distributor of fully-assembled helm assemblies, including electrical wiring harnesses, dash panels, instrumentation and gauges, and other products primarily for the marine market. The all-cash deal was valued approximately $18.5 million, plus additional $11.5 million payable on meeting certain pre-agreed milestones.
In February 2018 the Company acquired two companies: first, was Madison, Tennessee-based Metal Moulding Corporation (MMC) which manufactures custom metal fabricated products, primarily for the marine market, including hinges, arm rests, brackets, panels and trim, as well as plastic products including boxes, inlay tables, steps, and related components; and the second acquisition was that of Elkhart, Indiana-based Aluminium Metals Company, LLC. (AMC), a manufacturer and distributor of aluminum products including coil, fabricated sheets and extrusions, in addition to roofing products, primarily for the recreational vehicle (RV), industrial and marine markets. Patrick Industries acquired MMC in an all-cash deal valued approximately $20 million, plus additional $2 million payable on meeting certain pre-agreed milestones, while it paid approximately $16.5 million in cash for AMC.
Patrick Industries expects all these transactions to be complementary to its existing business, to expand its product offerings, to increase its geographical footprint across new markets, and to be immediately accretive to its EPS.
About Patrick Industries Inc.
Founded in 1959, by Mervin D. Lung the Elkhart, Indiana-based Patrick Industries is a major manufacturer of component products and distributor of building products and materials for the Recreational Vehicle, Manufactured Housing, and Marine industries. The Company's products are aimed at customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets. The Company operates over 90 manufacturing and distribution facilities located in 20 states across US and in China.
Stock Performance Snapshot
March 20, 2018 - At Tuesday's closing bell, Patrick Industries' stock advanced 1.81%, ending the trading session at $67.35.
Volume traded for the day: 122.05 thousand shares.
Stock performance in the last month - up 1.97%; previous three-month period - up 1.74%; past six-month period - up 29.44%; and last twelve-month period - up 42.59%
After yesterday's close, Patrick Industries' market cap was at $1.67 billion.
Price to Earnings (P/E) ratio was at 21.20.
The stock is part of the Industrial Goods sector, categorized under the Lumber, Wood Production industry. This sector was up 0.3% at the end of the session.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
