Patrick Industries in the US announced today that it has completed the acquisition of Marine Accessories Corporation (MAC) and has expanded the size of its credit facility.
MAC manufactures and distributes custom tower and canvas products and related accessories to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market. MAC is headquartered in Maryville, Tennessee with eight manufacturing and distribution facilities located primarily in the US.
MAC's trailing 12-months revenue through May 2018 was approximately US$50m. Patrick will continue to operate MAC on a stand-alone basis under its brand names in its existing facilities.
“MAC's industry reputation for product quality, customised style and innovation, and consistently reliable just-in-time delivery has been instrumental in expanding its customer base within the recreational boating market. This acquisition is aligned with our strategic initiatives and capital allocation strategy,” says Andy Nemeth, president of Patrick in a statement.
The acquisition was funded under the company's newly expanded US$900m credit facility, comprised of a US$800m revolving credit line and a US$100m term loan.
“The increased credit facility positions us with capacity and a strong financing foundation to continue to support the Company's long-term strategic initiatives and disciplined capital allocation strategy,” Nemeth says.
Patrick Industries manufactures and distributes component products serving the recreational vehicle, manufactured housing, marine and commercial furnishings markets and operates over 110 manufacturing and distribution facilities located throughout the US, China and the Netherlands.