Business
Patrick Industries, Inc. Completes Acquisition of Front Range Stone, Inc.
ELKHART, Ind., Sept. 28, 2020 /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., Sept. 28, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\") announced today that it has completed the acquisition of Englewood, Colorado-based Front Range Stone, Inc. (\"Front Range\"), a fabricator and installer of a full suite of natural stone, quartz, solid surface, and laminate countertops, primarily serving big box home improvement retailers, home builders and commercial contractors in the industrial market. Front Range's 2019 revenue was approximately $30 million, and the Company expects the acquisition to be immediately accretive to net income per share. \n\n \n \n \n \n \n \n\n \n\"Front Range has an excellent reputation built upon strong relationships and product knowledge, outstanding quality and service, and a comprehensive product suite that attracts a wide variety of customers in the various industrial markets it serves primarily in Colorado and southern Wyoming,\" said Andy Nemeth, President and Chief Executive Officer of Patrick. \"This acquisition represents an attractive growth opportunity with strong leadership to leverage our existing industrial operations to expand both our countertop presence and our geographic presence into the Great Plains and western housing markets. Consistent with previous acquisitions, we will support Front Range with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.\"\nBrad Pearce, co-founder of Front Range, said, \"After nearly two decades growing our business, we look forward to continuing to drive our business model and leverage our strong relationships with our large regional and national customers as we strive to expand our market presence with the support of both the Front Range team and the Patrick family. Patrick's strategic and capital resources and existing industrial market presence will help to further grow the Front Range brand and bring a variety of value-added solutions to our customers and markets.\" \nThe acquisition of Front Range includes the acquisition of working capital and other assets. Patrick will continue to operate Front Range on a stand-alone basis under its brand name in its existing facilities. \nAbout Patrick Industries, Inc. Patrick Industries, Inc. is a major man...