Patrick Industries has completed the acquisition of Marine Accessories Corp. (MAC) and has expanded the size of its credit facility to $900 million from $500 million.
MAC is a manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market. MAC is headquartered in Maryville, Tenn., and has eight manufacturing and distribution facilities located primarily in the U.S.
MAC’s trailing 12-months revenue through May was approximately $50 million and the company expects the acquisition to be immediately accretive to net income per share.
“MAC’s innovative marine products, and design, engineering, manufacturing, and aftermarket expertise provide us with an excellent opportunity to further penetrate the marine market and leverage our existing capabilities within our marine platform,” said Todd Cleveland, chairman and CEO of Patrick.
“We are excited to partner with the MAC team and its high-quality brand platform which is a seamless fit within our entrepreneurial, brand-based model,” said Andy Nemeth, president of Patrick. “Consistent with previous acquisitions, we will support MAC 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.”
“We are very pleased to partner with Patrick and strengthen our presence in the marine industry as we continue to expand our footprint across multiple markets,” said Rick Reyenger, CEO of MAC.
Patrick will continue to operate MAC on a stand-alone basis under its brand names in its existing facilities.