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Patrick Industries Completes Acquisition of LMI

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Patrick Industries has announced that it has completed the acquisition of LMI, a leading designer, fabricator, and installer of specialty glass, mirror, bath and closet building products to residential housing and commercial high-rise builders, general contractors, retailers, and RV manufacturers in the U.S.

LMI is headquartered in Ontario, Calif., and operates six manufacturing and distribution centers in California and Nevada and an additional manufacturing facility in China. The company projects LMI’s full-year 2017 revenues to be approximately $75 million.

The total cash consideration paid for LMI was approximately $81 million, and the company expects the acquisition to be immediately accretive to 2017 net income per share.

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