Business
Patrick Industries, Inc. Completes Acquisition of Maple City Woodworking Corporation and Announces Increased Share Repurchase Authorization
ELKHART, Ind., March 16, 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., March 16, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\") announced today that it has completed the acquisition of Goshen, Indiana-based Maple City Woodworking Corporation (\"Maple City\"), a manufacturer of hardwood cabinet doors and fascia for the recreational vehicle (\"RV\") market. Maple City's fiscal 2019 revenue was approximately $12 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\"The acquisition of Maple City provides the opportunity for Patrick to capitalize on our existing hardwood door manufacturing expertise and capabilities, increase our RV content per unit, and expand our footprint as a premier supplier to the RV market,\" said Andy Nemeth, President and Chief Executive Officer of Patrick. \"In addition, Maple City is an excellent fit with our entrepreneurial philosophy and we are excited about bringing the two companies together to continue to serve our customers at the highest level, providing high-quality, customized cabinet doors and components. Consistent with previous acquisitions, we will support Maple City with a financial and operational foundation that will allow it to capitalize on its core competencies.\"\nJeff Stine, President of Maple City, said, \"After more than 18 years leading and growing our business, we look forward to partnering with Patrick, which is a great fit for our operation and will help propel Maple City to the next level.\"\nThe acquisition of Maple City includes the acquisition of working capital, machinery and equipment, and real estate. Patrick will continue to operate Maple City on a stand-alone basis under its brand name in its existing facilities.\nShare Repurchase Authorization\nOn March 13, 2020, the Company's Board of Directors authorized an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the current stock repurchase program to $50.0 million, including the $17.4 million remaining under the previous authorization. Year-to-date through March 13, 2020, the Company repurchased 223,375 shares at an average price of $40.59 per share for a total cost of $9.1 million.\nAbout Patrick Industries, Inc.\nPatrick Industries, Inc. is a major manufacturer and distributor of component products an...