Patrick Industries acquires Leisure Product Enterprises, parent company of Marine Concepts

Patrick will continue to operate each of the businesses on a stand-alone basis under their respective brand names in their existing facilities. 

Patrick Industries has completed the acquisition of Leisure Product Enterprises (LPE), the parent company of Marine Concepts/Design Concepts, Florida Marine Tanks (FM) and Marine Electrical Products (MEP). The purchase price for LPE was approximately $73.5 million. 

Marine Concepts has two locations in Sarasota, Fla. and Cape Coral, Fla., and designs, engineers, and manufactures CNC plugs, composite molds (open and closed), and CNC molds for fiberglass boat manufacturers. Marine Concepts also produces gelcoat and fiberglass parts and assemblies for both the marine and industrial markets. 

FMT is located in Henderson, NC, and manufactures, fabricates, and assembles aluminum fuel and holding tanks for the marine and industrial markets. 

MEP is located in Lebanon, Mo., and manufactures custom wire harnesses, fiberglass and fiberglass reinforced thermoformed helm systems, dash panels, and instrument panels for the fiberglass, aluminum and pontoon boat segments. 

"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," says Todd Cleveland, CEO of Patrick. "We believe the marine industry is well-positioned for continued growth throughout all boat segments and this acquisition represents a growth opportunity in combination with Patrick's current marine portfolio of companies to further expand our presence as a key component supplier in the marine market."  

The acquisition of LPE included the acquisition of accounts receivable, inventory, prepaid expenses, machinery and equipment, and the two manufacturing facilities located in North Carolina, and was funded under the company's existing credit facility. Patrick will continue to operate each of the businesses on a stand-alone basis under their respective brand names in their existing facilities. 

Patrick Industries Inc. is a manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, marine, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast through locations in 19 states.