Patrick Industries acquires Baymont Inc.

The acquisition of Baymont will expand Patrick's geographic footprint and fiberglass manufacturing capacity and capabilities in the Southeast.

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Patrick Industries Inc. has completed the acquisition of the business and certain assets of Baymont Inc., a manufacturer and supplier of fiberglass showers, tubs, and tile systems for the manufactured housing and industrial markets. Baymont operates out of multiple manufacturing facilities in Golden, Miss., and has 2017 projected annual revenues of approximately $8 million. The purchase price for Baymont was $3.4 million plus contingent consideration based on future performance. The company expects the acquisition to be accretive to 2018 net income per share.

"The acquisition of Baymont will expand Patrick's geographic footprint and fiberglass manufacturing capacity and capabilities in the southeast where there is significant growth potential as well as provide opportunities to better serve our customers in the manufacturing housing and residential housing markets," said Andy Nemeth, president of Patrick. "In addition, the operational talent and expertise of the Baymont team will allow us to capitalize on product synergies, including expanding Baymont's existing fiberglass and tile product portfolio into the recreational vehicle, marine and other markets. Consistent with previous acquisitions, we will support Baymont 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."

The acquisition of Baymont included the acquisition of inventory and machinery and equipment, and was funded under the Company's existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the Baymont brand name in its existing facilities.

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