Patrick Industries has completed the acquisition of Topline Counters, a designer, engineer, manufacturer and installer of a full suite of natural stone, quartz, laminate and solid surface kitchen and bathroom countertops.
Topline is headquartered in Sumner, Wash., with two additional facilities in Spokane and Vancouver, Wash. Topline’s trailing 12-months revenue through November 2019 was approximately $34 million. The company expects the acquisition to be accretive to 2020 net income per share.
“Topline possesses an excellent reputation in the various industrial markets it serves and has built long-standing relationships with residential home builders, commercial building contractors, kitchen and bath dealers, and big box retail companies based on delivering superior quality products and service,” said Todd Cleveland, chairman and CEO of Patrick. “This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the Topline team to help further drive brand value, growth and synergy realization.”
“Topline’s brand platform provides Patrick with the opportunity to further expand our industrial geographic presence into the strong Pacific Northwest and western housing markets,” said Andy Nemeth, president of Patrick. “In addition, this acquisition will strengthen our ability to leverage our existing industrial operations and product portfolio further developing our full solutions model, with a focus on the residential single and multi-family housing markets, hotels and commercial high-rises, and big box retail. Consistent with previous acquisitions, we will support Topline with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”
“After more than 15 years growing our business, we look forward to continuing to drive our business model and expanding our market presence with the support of both the Topline team and the Patrick family,” said Josh Hulburt, president of Topline. “We are excited to partner with the Patrick organization, which shares our long-term vision to be a premier high-quality supplier to the markets we serve.”
The acquisition of Topline includes the acquisition of accounts receivable, inventory, machinery and equipment, and prepaid expenses. Patrick will continue to operate Topline on a stand-alone basis under its brand name in its existing facilities.
