Business
Patrick Industries, Inc. Completes Acquisition of Synergy RV Transport
ELKHART, Ind., Aug. 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., Aug. 28, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\") announced today that it has completed the acquisition of Goshen, Indiana-based Synergy RV Transport (\"Synergy\"), a transportation and logistics service provider primarily for original equipment manufacturers (\"OEMs\") and dealers in the recreational vehicle (\"RV\") market. Synergy utilizes independently contracted drivers to haul towable/flatbed and motorized RVs from RV OEM plants to dealer lots throughout the continental U.S. and Canada. Synergy's 2019 revenue was approximately $46 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\"Synergy is a leading transportation service provider and supply chain partner for its diverse customer base, which includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses,\" said Andy Nemeth, President and Chief Executive Officer of Patrick. \"Its success has been built around a customer-centric focus and its ability to serve as a one-stop-shop. This acquisition represents an attractive growth opportunity that will allow us to partner with the Synergy team to continue to expand our RV transport platform and network. Consistent with previous acquisitions, we will support Synergy 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.\"\nKyle Newcomer and Ben Brunner, co-founders of Synergy, said, \"Patrick is a great fit for our team, operation and customers, and will be a valued resource in support of the further growth of the Synergy brand. Patrick shares the same vision of striving to provide superior service with a customer-first approach and will help us to continue to expand our business with our existing customers as well as new dealers and manufacturers.\"\nThe acquisition of Synergy includes the acquisition of working capital and other assets. Patrick will continue to operate Synergy on a stand-alone basis under its brand name in its existing facilities and transport yards. \nAbout Patrick Industries, Inc. Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products ser...