Patrick Industries recently completed the acquisition of the business and certain assets of Angola, Ind.-based IMP Holdings, doing business as Indiana Marine Products (IMP), a manufacturer and distributor of fully-assembled helm assemblies.
IMP’s full-year 2017 revenues were approximately $33 million. The total cash consideration paid was approximately $18.5 million, plus the potential for up to $11.5 million of additional consideration upon the achievement of certain performance metrics over the next three years. Patrick expects the acquisition to be immediately accretive to net income per share.
“As we continue to execute on our disciplined capital allocation strategy, the acquisition of IMP is a great fit within our portfolio of recognizable brand companies that highly complements our value proposition to the marine markets, and will help drive growth and synergy realization,” said Todd Cleveland, CEO of Patrick.
“We believe the marine industry is well-positioned for continued growth and we are excited to partner with the IMP team to further expand our presence as a key component supplier in this space through high-quality, innovative product solutions and excellent customer service, along with the capital resources needed for success,” said Andy Nemeth, president of Patrick. “Consistent with previous acquisitions, we will support IMP 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 committed to growing our capacity and capabilities to be the best partners for our customers and the best employer for our associates,” said Michael Peters, president of IMP. “We will continue to have the autonomy to operate our business and grow our relationships using the traditional IMP values of excellence in quality and delivery, placing our customer first, and displaying the highest level of integrity in all of our relationships.”
The acquisition of IMP included the acquisition of accounts receivable, inventory, and machinery and equipment, and was funded under Patrick’s existing credit facility. Patrick will continue to operate IMP on a stand-alone basis under its brand name in its two existing facilities.