It was Patrick’s third acquisition in less than two weeks.
IMP is a manufacturer and distributor of fully-assembled helm assemblies, including electrical wiring harnesses, dash panels, instrumentation and gauges, and other products primarily for the marine market. Its full-year 2017 revenues were about $33 million.
Patrick paid $18.5 million in cash, plus the potential for up to $11.5 million of additional consideration upon the achievement of certain performance metrics over the next three years.
“We believe the marine industry is well-positioned for continued growth and we are excited to partner with the IMP team to further expand our presence as a key component supplier in this space through high-quality, innovative product solutions and excellent customer service, along with the capital resources needed for success,” Andy Nemeth, Patrick’s president, said in the March 5 announcement of the transaction.
Patrick will continue to operate IMP on a stand-alone basis under its brand name in its two existing facilities.
“This partnership with Patrick will provide additional resources and experience to allow us to deliver on those commitments. We will continue to have the autonomy to operate our business and grow our relationships using the traditional IMP values of excellence in quality and delivery, placing our customer first, and displaying the highest level of integrity in all of our relationships,” Michael Peters, president of IMP, said in the statement.
On Feb. 26, Patrick announced it completed the acquisition of Elkhart-based Aluminum Metals Co. LLC, a manufacturer and distributor of aluminum products including coil, fabricated sheets and extrusions, in addition to roofing products, primarily for the recreational vehicle, industrial and marine markets. Patrick paid $16.5 million for the business, which will continue to operate on a stand-alone basis under its brand name and in its existing facility.
On Feb. 20, Patrick Industries announced it had completed the acquisition of Tennessee-based Metal Moulding Corp. for about $20 million. The company manufactures custom metal-fabricated products, primarily for the marine market, including hinges, arm rests, brackets, panels and trim, as well as plastic products including boxes, inlay tables, steps and related components.