Patrick Industrieshas completed the acquisition of Dowco, a designer and manufacturer of custom-designed boat covers and bimini tops, full boat enclosures, mounting hardware, and other accessories and components for the marine market, from CMW Holding Co.
Dowco is headquartered in Manitowoc, Wis., and has additional manufacturing facilities located in Lebanon, Mo., Fort Wayne, Ind., Little Falls, Minn., and Pine City, Minn. Dowco’s trailing 12-months revenue through April 2018 was approximately $37 million. The company expects the acquisition to be immediately accretive to net income per share.
“The acquisition of Dowco and its growing portfolio of innovative recreational marine products is a great fit within our existing offerings of recognizable high-quality brand companies and provides us with a tremendous runway to further grow our position as a value-added component supplier to the marine industry,” said Todd Cleveland, chairman and CEO of Patrick.
The acquisition of Dowco includes the acquisition of accounts receivable, inventory, prepaid expenses, real estate, and machinery and equipment, and was funded under Patrick’s existing credit facility. Patrick will continue to operate Dowco on a stand-alone basis under its brand name in its existing facilities.
“After Dowco’s more than 40 years as a family-owned, specialty manufacturing business, I am pleased to transition the company to Patrick which will continue to help drive and support the Dowco marine team and their plans for continued growth through innovation, quality products, and high-quality customer service,” said Chuck Webster, Jr., president and principal of Dowco.
