Patrick Industries, Inc. Completes Acquisition of Diamondback Towers, LLC

Patrick Industries, Inc. (“Patrick” or the “Company”) announced today that it has completed the acquisition of Diamondback Towers, LLC d/b/a Diamondback Marine, a Cocoa, Florida-based manufacturer of premium wakeboard/ski towers and accessories for marine OEMs.

“We are thrilled to welcome Diamondback Marine to the Patrick family,” said Andy Nemeth, Chief Executive Officer of Patrick. “Diamondback’s industry relationships, standards for quality and service, and engineering and design capabilities are an ideal fit with our full solutions model and strong brand portfolio. Diamondback’s vision also aligns well with our capacity expansion plans and automation strategies. As with previous acquisitions, we will provide a financial and operational foundation that will allow Diamondback Marine to continue to capitalize on its core competencies.”

Bobby Fleckinger, President of Diamondback, said, “Our team is excited to join forces with Patrick and its independent brand philosophy. We are poised to leverage Patrick’s broad strategic resources and marine industry presence to further our values and goal of providing the highest quality, innovative solutions to our customers.”

The acquisition is expected to be immediately accretive to net income per share. The business will continue to operate on a stand-alone basis under the Diamondback Marine name in its existing facility.

About Patrick Industries, Inc.

Patrick Industries is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick is based in Elkhart, Indiana, with over 11,000 employees across the United States.

Source: Patrick Industries, Inc.