Patrick Industries, Inc. Signs Definitive Agreement to Acquire Sportech, LLC - a Leading Supplier of Premium Component Solutions to Powersports OEMs

Jan 11, 2024•over 1 year ago

Acquiring Company

Patrick Industries

Acquired Company

Sportech

Elkhart

Elk RiverManufacturingPlastics Manufacturing

Description

Patrick Industries, Inc. has signed a definitive agreement to acquire Sportech, LLC for approximately $315 million. Sportech, based in Elk River, Minnesota, is a leading designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs, and the aftermarket. The acquisition is expected to be immediately accretive to profit margins and net income per share, providing Patrick Industries a solid platform for future organic and strategic growth within the powersports market.

Company Information

Company

Patrick Industries

Location

Elkhart, Indiana, United States

About

Patrick Industries (NASDAQ:PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner and supplier of choice. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation.

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