Patrick Industries, Inc. Completes Acquisition of RecPro - A Leading Aftermarket E-Commerce Platform for Outdoor Enthusiasts
Rhea-AI Summary
Patrick Industries (NASDAQ: PATK) has acquired RecPro, a leading e-commerce business and aftermarket platform for the RV and marine markets. The acquisition is expected to generate approximately $80 million in revenue for 2024 and be immediately accretive to net income per share. RecPro specializes in creating and marketing component products, systems, and solutions for outdoor enthusiasts.
This strategic move expands Patrick's presence in the Outdoor Enthusiast aftermarket and strengthens its aftermarket strategy. RecPro will continue to operate under its existing brand name and within its current facilities. The acquisition aligns with Patrick's entrepreneurial business model and is expected to leverage the company's aftermarket product offerings across its RV, Marine, and Powersports portfolio.
Positive
- Acquisition expected to generate $80 million in revenue for 2024
- Immediately accretive to net income per share
- Expands Patrick's presence in the Outdoor Enthusiast aftermarket
- Strengthens Patrick's aftermarket strategy
- Leverages aftermarket product offerings across RV, Marine, and Powersports portfolio
Negative
- None.
News Market Reaction – PATK
In the trading session that priced this news, PATK gained 0.82%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
"We are excited to announce our acquisition of RecPro, and I am pleased to welcome Mike Waumans Jr. and the rest of his team to the Patrick family," said Andy Nemeth, Chief Executive Officer of Patrick. "The addition of RecPro's leading e-commerce platform meaningfully expands Patrick's presence in the attractive Outdoor Enthusiast aftermarket and broadens the foundation of our aftermarket strategy as we seek to leverage our aftermarket product offerings and other product solutions across our RV, Marine and Powersports portfolio. We believe RecPro's passion for growth, commitment to quality customer service, and ability to source and provide value-enhancing product solutions are a synergistic fit within our entrepreneurial business model."
Mike Waumans Jr., owner of RecPro, commented, "We are excited about the opportunity to partner with Patrick and its network of leading brands and look forward to what we can achieve together. With our online retail presence and robust customer-service platform, coupled with Patrick's support of our entrepreneurial culture, we are energized by the opportunity to engage with Patrick's leaders and portfolio of companies, utilizing our expertise and the RecPro platform to enhance Patrick's aftermarket presence."
Consistent with our other acquisitions, RecPro will continue to operate under its existing brand name and within its current facilities. The acquisition is expected to be immediately accretive to net income per share.
About RecPro
RecPro is a leading online aftermarket e-commerce platform focused on the Outdoor Enthusiast market. Located in
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
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/patrick-industries-inc-completes-acquisition-of-recpro--a-leading-aftermarket-e-commerce-platform-for-outdoor-enthusiasts-302241918.html
SOURCE Patrick Industries, Inc.