Patrick Industries has completed its acquisition of Marine Accessories Corporation and expanded the size of its credit facility.
MAC manufactures, distributes and supplies custom tower and canvas products and accessories to OEMs, dealers, retailers and distributors and sells direct to consumers in the marine industry. Headquartered in Maryville, Tenn., MAC has seven manufacturing and distribution facilities throughout the U.S. and a distribution location in Europe. MAC’s trailing 12-month revenue through May 2018 was approximately $50 million and the company reportedly expects the acquisition to be immediately accreditive 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 chief executive officer of Patrick, in a statement.
Added Andy Nemeth, president 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. MAC’s industry reputation for product quality, customized style and innovation, and consistently reliable just-in-time delivery has been instrumental in expanding its customer base within the recreational boating market. This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the MAC team to help further drive value, growth and synergy realization. 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.”
Rick Reyenger, chief executive officer of MAC, said his company is pleased partner with Patrick and strengthen its presence in the marine industry. “The combination of Patrick’s strategic and capital resources with MAC’s energy, vision and foundation will help to further leverage our opportunities to bring innovative solutions to our customers.”
The acquisition of MAC includes accounts receivable, inventory, prepaid expenses and machinery and equipment and was funded under the company’s newly expanded credit facility. Patrick will continue to operate MAC on a stand-alone basis under its brand names in its existing facilities.