Patrick Industries Inc. announced today (Feb. 26) that it has completed the acquisition of the business and certain assets of Elkhart, Ind.-based Aluminum Metals Co. LLC, a manufacturer and distributor of aluminum products including coil, fabricated sheets and extrusions, in addition to roofing products, primarily for the recreational vehicle, industrial and marine markets.
According to a statement, AMC’s full-year 2017 revenues were approximately $38 million. The total cash consideration paid was approximately $16.5 million. Patrick, also based in Elkhart, expects the acquisition to be immediately accretive to net income per share.
“Consistent with our strategic growth initiatives in conjunction with our capital allocation and acquisition strategies, the acquisition of AMC allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a high quality supplier of a variety of customized fabricated aluminum products to the primary markets we serve,” said Patrick CEO Todd Cleveland.
“We look forward to partnering with AMC, whose product offering and available capacity complement our existing aluminum and metals platform, and provide us with an opportunity to further drive synergies and add additional content per unit in the RV, industrial and marine markets,” said President Andy Nemeth. “Consistent with previous acquisitions, we will support AMC 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.”
The acquisition of AMC included the acquisition of accounts receivable, inventory, prepaid expenses, and machinery and equipment, and was funded under Patrick’s existing credit facility. Patrick will continue to operate AMC on a stand-alone basis under its brand name in its existing facility.