Patrick Industries, Inc. Completes Acquisition of Synergy RV Transport
Patrick Industries, Inc. (“Patrick” or the “Company”) announced today that it has completed the acquisition of Goshen, Indiana-based Synergy RV Transport (“Synergy”), a transportation and logistics service provider primarily for original equipment manufacturers (“OEMs”) and dealers in the recreational vehicle (“RV”) market. Synergy utilizes independently contracted drivers to haul towable/flatbed and motorized RVs from RV OEM plants to dealer lots throughout the continental U.S. and Canada. Synergy’s 2019 revenue was approximately $46 million, and the Company expects the acquisition to be immediately accretive to net income per share.
“Synergy is a leading transportation service provider and supply chain partner for its diverse customer base, which includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses,” said Andy Nemeth, President and Chief Executive Officer of Patrick. “Its success has been built around a customer-centric focus and its ability to serve as a one-stop-shop. This acquisition represents an attractive growth opportunity that will allow us to partner with the Synergy team to continue to expand our RV transport platform and network. Consistent with previous acquisitions, we will support Synergy 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.”
Kyle Newcomer and Ben Brunner, co-founders of Synergy, said, “Patrick is a great fit for our team, operation and customers, and will be a valued resource in support of the further growth of the Synergy brand. Patrick 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 Synergy includes the acquisition of working capital and other assets. Patrick will continue to operate Synergy on a stand-alone basis under its brand name in its existing facilities and transport yards.
About Patrick Industries, Inc.
Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services.
Julie Ann Kotowski – Investor Relations – email@example.com – (574) 294-7511
Source: Patrick Industries, Inc.