Patrick Industries has completed the acquisition of the business and certain assets of Munford, Tenn.-based BH Electronics, according to a news release.
BH Electronics is a designer, engineer and manufacturer of custom thermoformed dash panel assemblies, center consoles and trim panels, complete electrical systems, including wiring harnesses, AC panels, circuit breakers and battery boxes, and related components and parts.
The company operates out of five facilities located throughout the Southeast that service boat manufacturers in the U.S., according to the release.
Patrick projects BH Electronics’ 2016 revenues to be approximately $35 million. The total cash consideration paid for BHE was approximately $35 million, and the Company expects the acquisition to be immediately accretive to 2016 net income per share.
“BHE has an industry leading reputation for providing innovative, superior quality products and service to many of the leading marine industry OEMs in the U.S.,” Patrick CEO Todd Cleveland said. “This acquisition represents a significant growth opportunity to leverage the presence of BHE and Patrick’s business units currently serving the marine industry by entering complementary markets where our combined expertise, quality products and service are highly compatible.”