Patrick Industries completes purchase of three marine companies

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(Sam Householder/Elkhart Truth)

Patrick Industries has acquired not one, not two, but three manufacturing companies.

The Elkhart-based company is looking to expand its footprint in the marine industry. This week, the company announced its purchase of Leisure Product Enterprises LLC, according to the Elkhart Truth.

With the purchase also comes the acquisition of Leisure’s three manufacturing subsidiaries: Marine Concepts/Design Concepts, Florida Marine Tanks, and Marine Electrical Products.

“We look to continue to build on our marine platform, which after the LPE acquisition represents more than $125 million in combined annualized revenues, complements our value proposition to the marine market, and will help drive synergy realization,” said Patrick Industries CEO Todd Cleveland.

The entire purchase price of the company and its subsidiaries was about $73.5 million.

 

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