Thursday, May 5, 2016

Patrick Ind. adds two more operations

Posted on Sept. 9, 2013 at 1:00 a.m. | Updated on Sept. 9, 2013 at 12:04 p.m.

ELKHART — Patrick Industries added two Warsaw companies to its operations, the Elkhart-based company announced Monday morning, Sept. 9.

Patrick bought Frontline Manufacturing and Premier Concepts, two related businesses which, like Patrick, serve the recreational vehicle and the manufactured housing markets.

Patrick paid $8 million for the two businesses, which have combined projected revenues of $25 million this year.

”Frontline’s reputation among its customer base for innovative designs, high quality products, and exceptional in house engineering capabilities will allow us to establish a strong presence in the fiberglass bath fixtures market within the industries we serve while providing opportunities to bring new products to market through existing sales channels,” Todd Cleveland, president and chief executive officer of Patrick, said in the company’s written announcement.

“In addition, the acquisition of Premier will enhance our position as an industry leader in the RV, MH, and industrial countertop markets by leveraging our operational talent and experience with the team at Premier. Consistent with previous acquisitions, we will continue to support both of these businesses with a financial and operational foundation that will allow each to preserve the entrepreneurial spirit that has been so important to their success, and enable each to continue to bring the highest quality products, service and value to our customers,” Cleveland said.

Frontline makes fiberglass bath fixtures like tubs, showers and combination units for the RV and manufactured housing markets, and Premier makes solid-surface, granite and quartz countertops for the two industries.

Patrick used money from its revolving $80 million credit line to make the purchases.

The companies will continue to operate under their own names.

Cleveland said, “The acquisitions of Frontline and Premier are a natural fit with Patrick’s existing RV, MH and industrial businesses and we are excited to bring these two companies into the Patrick family to increase our product offerings, market share, and per-unit content. Additionally, the strength and dedication of Frontline/Premier’s management team and its solid reputation in the marketplace will be an asset to our organization as we continue to execute on our strategic initiatives.”

Patrick Industries is a major supplier to the RV market and also to the manufactured housing market as well as other industrial and commercial markets.