Patrick Industries Inc. announced today (Nov. 1) that it has completed the acquisition of the business and certain assets of Elkhart-based Indiana Transport Inc., a leading transportation and logistics service provider primarily to original equipment manufacturers and dealers in the recreational vehicle market. Patrick projects Indiana Transport’s full-year 2017 revenues to be approximately $100 million, according to a release, and expects the acquisition to be immediately accretive to 2017 net income per share.
Indiana Transport utilizes independently contracted drivers to haul travel trailers, fifth-wheels, gooseneck trailers and utility trailers from RV OEM plants to dealer lots across the country. In addition, over the last several years, Indiana Transport has expanded its service offerings to include the transportation of recreational watercraft.
One of the RV industry’s largest suppliers, Patrick, headquartered in Elkhart, Ind., is a major manufacturer of component products and distributor of building products, also serving the manufactured housing, marine, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets, and operates coast-to-coast through locations in 19 states.
“Indiana Transport has quickly evolved into an industry-leading transportation service provider to the RV industry,” Todd Cleveland, chief executive officer of Patrick, stated in a release. “Its success is built around its customer-centric focus, quick turnaround times, cutting-edge information technology platform, and the value of its superior service. Indiana Transport, whose diverse customer base includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses throughout the continental U.S. and Canada, represents an attractive growth opportunity that complements our strategic initiatives in the RV and marine markets.”
“This acquisition will provide Patrick with the ability to partner with Indiana Transport’s team, its talent, logistics expertise and resources to establish a leading RV transportation operation,” said Andy Nemeth, president of Patrick. “In addition we have the opportunity to establish new relationships with major RV and marine dealers as an extension of our value proposition to these markets while further increasing our content per unit in the RV and marine spaces. Consistent with previous acquisitions, we will support Indiana Transport 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.”
Charlie Roeder, president and one of the founders of Indiana Transport, said, “Patrick is a great fit for our operation and for our customers and will be a valued resource in the further growth of the Indiana Transport brand, both within our core towables market and in non-RV markets. Our team is extremely excited to partner with the Patrick organization which 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.”
The acquisition of Indiana Transport included the acquisition of accounts receivable, prepaid expenses, machinery and equipment, and real estate and was funded under the Company’s existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the Indiana Transport brand name in its existing facilities.