Patrick Industries Acquires Transhield
Patrick Industries, Inc. (“Patrick” or the “Company”), a leading national component solutions provider for the leisure lifestyle and housing markets, announced that it has completed the acquisition of Elkhart, Indiana-based Transhield, a premier designer and manufacturer of customized and proprietary protection solutions for the marine, military and industrial markets. Transhield’s protective covers and shrinkable protective packaging help customers protect critical and high-value assets against corrosion, damage and harsh conditions during transport and storage.
“We are extremely excited to partner with Jim Glick, Matt Peat and the entire Transhield team,” said Andy Nemeth, Chief Executive Officer of Patrick. “Transhield’s innovative and quality product solutions have significant potential across multiple market sectors, and their culture, spirit, and industry reputation for customer service are an ideal fit within our portfolio of companies and independent brands. As with previous acquisitions, we will provide a financial and operational foundation that will allow Transhield to continue to drive its strategic vision and capitalize on its core competencies.”
Jim Glick, President of Transhield, added, “We look forward to partnering with Patrick and are energized by the growth opportunities that Patrick and Transhield can pursue together, including the expansion of our market presence and leveraging Patrick’s footprint to further develop our aftermarket channel — all while maintaining our brand identity and strong industry relationships.”
“The manufacturing synergies, geographic fit and shared commitment to continuous improvement make this a strong partnership from the start,” said Jeff Rodino, President of Patrick. “We’re excited to leverage Patrick’s scale to support Transhield’s growth.”
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 Transhield name in its existing facilities.
About Patrick Industries, Inc.
Patrick Industries (NASDAQ: PATK) 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.