Patrick Industries has completed the acquisition of Metal Moulding Corporation (MMC) for US$20m in cash. MMC manufactures custom metal fabricated products for the boating industry, including hinges, armrests, brackets, panels and trim as well as plastic products. The Tennessee-based manufacturer had about US$19m in sales last year.
"This acquisition is well-aligned with our strategic initiatives and capital allocation strategy to continue to grow our content in the primary markets we serve," says Todd Cleveland, Patrick CEO, in a statement. "Consistent with previous acquisitions, we will support MMC with a financial and operational foundation that will allow it to capitalise on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”
The acquisition of MMC includes the acquisition of accounts receivable, inventory, and machinery and equipment. Patrick will continue to operate MMC on a stand-alone basis under its brand name in its existing facility.