Patrick Industries said it completed the acquisition of G.G. Schmitt and Sons, a marine hardware manufacturer that has been owned and operated by the Schmitt family for 68 years.
Patrick did not release financial details of the transaction but said it was funded under its credit facility. G.G. Schmitt had sales of about $20 million during the 12-month period through August 2019.
The acquisition includes accounts receivables, inventory, and machinery and equipment. Patrick will continue to operate G.G. Schmitt on a stand-alone basis under its current brand name in its facilities in Lancaster, Pa., Sarasota, Fla., and Summerville, S.C.
“G.G. Schmitt's excellent reputation within the marine industry has been built over many decades based on its high-quality products, engineering expertise and strong industry relationships,” Patrick Industries chairman and CEO Todd Cleveland said in a statement. “This acquisition is aligned with our strategic initiatives and capital allocation strategy, and we look forward to working with the G.G. Schmitt team to help further drive brand value.”
Ron Schmitt, CEO of G.G. Schmitt, said Patrick will “continue to support the G.G. Schmitt team and our plans for continued growth and expansion.”
Andy Nemeth, president of Patrick Industries, added that the marine industry is well-positioned for long-term growth. “Consistent with previous acquisitions, we will support G.G. Schmitt 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,” Nemeth said in the statement.