Patrick Industries, Inc. Completes Acquisition of Alpha Systems, LLC

Patrick Industries, Inc. (“Patrick” or the “Company”) announced that it has completed the acquisition of Elkhart, Indiana-based Alpha Systems, LLC (“Alpha”), a leading manufacturer and distributor of component products and accessories, primarily serving the recreational vehicle (“RV”) industry, in addition to the manufactured housing, commercial building and marine markets. Alpha’s major product categories include adhesives and sealants, roofing membranes for RVs, roto/blow and injection molded products, butyl tape, shutters and various other parts and accessories. Alpha’s trailing 12-months revenue through March 2021 was approximately $158 million, and the acquisition is expected to be immediately accretive to earnings per share.

“We are extremely excited to partner with David Smith and the team at Alpha, whose premium brand offers both new product entry points into the end markets we serve and the opportunity to continue to bolster our competitive edge through the utilization of Alpha’s capacity, advanced technology, and extensive R&D capabilities,” said Andy Nemeth, President and Chief Executive Officer of Patrick. “Alpha’s broad array of products adds scale and complements our current portfolio offering with bolt-on product line extensions. In addition, their local footprint and well-respected sales and marketing team offer opportunities to expand our aftermarket presence as well as our platform, brand, and distribution network. Consistent with previous acquisitions, we will support Alpha with a financial and operational foundation that will allow it to continue to capitalize on its core competencies while preserving the entrepreneurial spirit and brand that have been so important to its success.”

David Smith III, CEO of Alpha, said, “The Alpha team and I are very pleased to join the Patrick family and continue the legacy of the business that my family founded over 37 years ago. We look forward to partnering with Patrick whose culture, industry expertise, and customer-centric approach are a natural fit with the core values, competencies and relationships that Alpha has built over the last four decades.”

The business will continue to operate on a stand-alone basis under the Alpha name in its existing manufacturing facilities.

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 and China. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile moldings, 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, adhesives, 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, 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, various marine aftermarket products, and other miscellaneous products, in addition to providing transportation and logistics services.

Contact:

Julie Ann Kotowski – Investor Relations – kotowskj@patrickind.com – (574) 294-7511

Source: Patrick Industries, Inc.