Patrick Industries has completed its previously announced $315 million acquisition of Sportech, a designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket.
“This acquisition helps to solidify our presence as a key component solutions supplier to the powersports market and aftermarket and extends the runway for us to continue to drive our strategic growth plan in alignment with our Outdoor Enthusiast vision,” said Andy Nemeth, CEO of Patrick. “We are very excited to officially welcome Sportech to the Patrick family of brands.”
In connection with the acquisition, the company expects to record one-time, non-recurring pretax charges in the first quarter of 2024 of approximately $7 million related to transaction fees and non-cash purchase accounting adjustments.
The company also announced that it will release its fourth quarter and twelve months 2023 financial results before the market opens on Thursday, Feb. 8.
Patrick Industries will host a conference call on Feb. 8 at 10 a.m. ET to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts.