Patrick Industries, Inc. Completes Acquisition of Elkhart Composites, Inc.

Rhea-AI Summary

Patrick Industries (NASDAQ: PATK) has completed the acquisition of Elkhart Composites, a Thor Industries-owned company based in Elkhart, Indiana. Elkhart Composites, known for its 'Elkboard' brand, manufactures composite products for sidewalls and ceilings as sustainable alternatives to wood products, serving Thor branded companies and other external customers.

The acquisition strengthens Patrick's composite panel solutions portfolio and aligns with their commitment to serving RV and Marine OEM customers. Patrick Industries, founded in 1959, is a leading component solutions provider for RV, Marine, Powersports, and Housing markets, operating with more than 85 brands and employing approximately 10,000 skilled team members throughout the United States.

Positive

• Strategic acquisition expanding composite panel solutions portfolio
• Strengthens partnership with major industry player Thor Industries
• Adds sustainable product line with 'Elkboard' brand to existing offerings
• Enhances service capabilities for RV and Marine OEM customers

Negative

• None.

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ELKHART, Ind., Feb. 3, 2025 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that it has completed the acquisition of Elkhart, Indiana-based Elkhart Composites, Inc., a Thor Industries owned company. Marketing its products under the "Elkboard" brand name, Elkhart Composites manufactures composite products for sidewalls and ceilings, which are durable, lightweight, sustainable alternatives to wood products, for sale to Thor branded companies and other external customers.

"We are excited about the opportunity to further partner with Thor as we expand Patrick's own high-quality composite panel solutions to our markets," said Andy Nemeth, Chief Executive Officer of Patrick. "Elkhart Composites' products will join our growing portfolio of brands that supply composite materials, further aligning our commitment to excellence and serving our RV and Marine OEM customers at the highest level."

About Patrick Industries, Inc.

Patrick (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. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.

Forward-Looking Statements

This 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 developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

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SOURCE Patrick Industries, Inc.

FAQ

What company did Patrick Industries (PATK) acquire in February 2025?

Patrick Industries acquired Elkhart Composites, Inc., a Thor Industries owned company based in Elkhart, Indiana.

What products does Elkhart Composites manufacture under the Elkboard brand?

Elkhart Composites manufactures composite products for sidewalls and ceilings, which are durable, lightweight, sustainable alternatives to wood products.

How does the Elkhart Composites acquisition benefit PATK's product portfolio?

The acquisition expands Patrick's composite panel solutions portfolio and strengthens its ability to serve RV and Marine OEM customers with sustainable alternatives to wood products.

What markets does Patrick Industries (PATK) serve after the Elkhart Composites acquisition?

Patrick Industries serves the RV, Marine, Powersports, and Housing markets as a leading component solutions provider.

How many brands does Patrick Industries (PATK) own following the acquisition?

Patrick Industries is home to more than 85 leading brands, all focused on quality, customer service, and innovation.