PolyDyn3 is a custom fabricator of simulated wood and stone products such as headboards, fireplaces, ceiling medallions, columns and trims, for the recreational vehicle ("RV") market. The Company projects PolyDyn3's 2014 annual revenues to be approximately $2.5 million and expects the acquisition to be accretive to 2015 net income per share.
"PolyDyn3 and its custom-built simulated wood and stone products lines have numerous interior and exterior applications in the RV market and are a natural fit with Patrick's existing RV businesses," said Todd Cleveland, President and CEO of Patrick. "The acquisition will afford us the opportunity to bring in-house new production capabilities and product lines that we previously represented through one of our distribution business units, and gain additional penetration in the RV market sector. Additionally, the acquisition of PolyDyn3 supports our strategic initiatives driven towards our goal of continually adding value to our customers in terms of innovation, price, flexibility and product offering."
The net purchase price for PolyDyn3 of approximately $1.3 million was funded under the Company's existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the PolyDyn3 brand name in its existing facility.
Patrick Industries, Inc. 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.
