Schmitt’s portfolio includes boat towers, ladders and other metal hardware and related products
Patrick Industries in the US has completed its acquisition of marine OEM supplier GG Schmitt & Sons in a deal characterised as “aligned with our strategic initiatives and capital allocation strategy,” according to a news release from the Indiana-headquartered company.
Patrick, a leading supplier to OEMs in the marine, recreational vehicle, and manufactured homes markets, strengthens its marine supply side through Schmitt’s portfolio of boat towers, ladders and other metal hardware and related products.
GG Schmitt is based in Pennsylvania, with two additional locations in Florida and South Carolina, reported revenue for 12 months preceding August, 2019 of US$20 million.
“GG Schmitt’s brand platform and highly engineered processes and products, as well as its longstanding relationships with leading marine OEM customers, have been instrumental in expanding its customer base within the recreational boating market. Consistent with previous acquisitions,” said Andy Nemeth, president of Patrick.
“We will support GG Schmitt 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.”
GG Schmitt has been a family-owned concern for the past 68 years, and according to CEO Ron Schmitt. “We are looking forward to the next phase of executing on the many strategic initiatives and opportunities in front of us.”