Patrick Industries (Elkhart, IN, US) has completed the acquisition of Structural Composites (SCI, Ligonier, IN, US). SCI is a fiberglass manufacturer of custom molded large front and rear caps and roofs, primarily to the recreational vehicle market, and specialty fiberglass components for the transportation, marine and other industrial markets. Patrick Industries was founded in 1959 and is a manufacturer of building products and materials to the manufactured housing and recreational vehicle industries.
Todd Cleveland, president and CEO of Patrick, said that SCI’s offering in fiberglass is a “great” complement to its current fiberglass operations.
“In addition, the acquisition of SCI will further enhance our position as an industry-leading supplier in the fiberglass and fiberglass components market, and afford us the opportunity to become a larger supplier to the RV, marine and other industrial markets as we continue to execute on our long-term strategic growth initiatives,” he said.
The net purchase price for SCI of approximately $20 million was funded under the company's existing credit facility, and includes the acquisition of accounts receivable, inventory and fixed assets. Patrick will continue to operate the business on a stand-alone basis under the SCI brand name in its two existing facilities.