Patrick Industries announced it has signed a definitive agreement under which Arizona-based Rockford Corp. will become a wholly owned subsidiary of Patrick by merger.
Patrick said that Rockford, through its brand Rockford Fosgate, is a global leader in the design and distribution of premier, high-performance audio systems and components, primarily serving the powersports, marine and automotive markets and aftermarkets. Rockford’s full-year 2021 revenues were approximately $155 million, and the acquisition is expected to be immediately accretive to net income per share for Patrick.
“Rockford’s innovative designs, marketing, brand recognition and performance have afforded it the opportunity to be a favored supplier with both OEM customers and consumers,” said Andy Nemeth, CEO of Patrick. “We are excited to partner with Bill Jackson and the creative team at Rockford as we expand our presence in the audio solutions markets.
“In addition, Rockford’s proven track record of consistently and creatively adapting to changing market dynamics, with its extensive in-house design, engineering and marketing resources, provides us with an excellent opportunity to leverage our combined distribution capabilities and geographic footprint to bring synergies to our markets and continue to expand our aftermarket product platform. As with previous acquisitions, we will support Rockford with a financial and operational foundation that will allow it to continue to capitalize on its core competencies.”
Added Bill Jackson, president and CEO of Rockford, said, “The Rockford team and I are delighted to join the Patrick family, whose vision aligns with our goal of providing the highest quality, innovative solutions to our customers. We look forward to the next phase of executing the many strategic initiatives and opportunities in front of us. Patrick’s core values, competencies, relationships and strong focus on customer service mirror the mission that has been a cornerstone of the Rockford brand since its inception more than 40 years ago. We are committed to growing our capacity and capabilities as we strive to be the best partner for our customers.”
Following closing, Rockford will continue its operations in its existing facilities in Tempe, Ariz.