Business
Patrick Industries, Inc. Completes Acquisition of Diamondback Towers, LLC
ELKHART, Ind., May 9, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that it has completed the
About this update from Patrick Industries, Inc.
[{"type":"text","content":"ELKHART, Ind., May 9, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\") announced today that it has completed the acquisition of Diamondback Towers, LLC d/b/a Diamondback Marine, a Cocoa, Florida-based manufacturer of premium wakeboard/ski towers and accessories for marine OEMs.\n\n \n \n \n \n \n \n\n \n\"We are thrilled to welcome Diamondback Marine to the Patrick family,\" said Andy Nemeth, Chief Executive Officer of Patrick. \"Diamondback's industry relationships, standards for quality and service, and engineering and design capabilities are an ideal fit with our full solutions model and strong brand portfolio. Diamondback's vision also aligns well with our capacity expansion plans and automation strategies. As with previous acquisitions, we will provide a financial and operational foundation that will allow Diamondback Marine to continue to capitalize on its core competencies.\" \nBobby Fleckinger, President of Diamondback, said, \"Our team is excited to join forces with Patrick and its independent brand philosophy. We are poised to leverage Patrick's broad strategic resources and marine industry presence to further our values and goal of providing the highest quality, innovative solutions to our customers.\"\nThe acquisition is expected to be immediately accretive to net income per share. The business will continue to operate on a stand-alone basis under the Diamondback Marine name in its existing facility.\nAbout Patrick Industries, Inc.Patrick Industries (NASDAQ: PATK) is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick is based in Elkhart, Indiana, with over 11,000 employees across the United States.\nCautionary Statement Regarding Forward-Looking StatementsThis press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or devel...