Publish date:

Patrick Industries acquires Madison, Tenn.-based Metal Moulding Corporation

Patrick Industries Inc. has acquired the business and certain assets of Madison, Tenn.-based Metal Moulding Corporation, a manufacturer of custom metal fabricated products, primarily for the marine market.

Patrick is a manufacturer of components and building products for the recreational vehicle, manufactured housing, marine and other industries. MMC manufactures metal parts including hinges, arm rests, brackets, panels and trim, as well as plastic products including boxes, inlay tables, steps, and related components.

"This acquisition is well-aligned with our strategic initiatives and capital allocation strategy to continue to grow our content in the primary markets we serve," said Patrick CEO Todd Cleveland in a statement. "MMC is a high-quality custom fabricator of a variety of metal and plastic products to OEMs in the marine industry, and their product offering complements our existing metal fabrication expertise and product portfolio."

Added Patrick president Andy Nemeth, "MMC's custom design, engineering, manufacturing, fabrication, and powder coat capabilities, coupled with their tremendous long-standing reputation and comprehensive suite of component products, will position us to further expand our presence in the growing marine market. Consistent with previous acquisitions, we will support MMC 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."

MMC’s full-year 2017 revenues were approximately $19 million. The total cash consideration paid was approximately $20 million, plus the potential for up to $2 million of additional consideration upon the achievement of certain performance metrics.

The company expects the acquisition to be immediately accretive to net income per share.

"After more than 30 years in business, we are excited to partner with Patrick whose vast portfolio of products, resources, and customer first approach will help to further grow the MMC brand and bring a variety of value added solutions to our customers and markets,” said MMC founder Jimmy Parrish. “We feel that Patrick is a great fit for our team and we are poised to continue to grow our business, customer relationships, and brand platform.”

The acquisition of MMC included the acquisition of accounts receivable, inventory, and machinery and equipment, and was funded under the company's existing credit facility. Patrick will continue to operate MMC on a stand-alone basis under its brand name in its existing facility.

Related

‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.