Skip to main content

Patrick Industries completes acquisition of Engineered Metals and Composites

Patrick Industries completed its acquisition of Engineered Metals and Composites. The company did not reveal the purchase price in a statement but said EMC had year-over-year sales of about $16 million through August 2018.

Based in West Columbia, S.C., Engineered Metals and Composites designs and manufactures custom marine towers, frames and other fabricated components for OEMs in the boating industry.

"EMC's technical expertise and innovative product offerings complement our marine product portfolio and provide us with an excellent opportunity to further penetrate the marine market, increase our content per unit and leverage our existing capabilities within our marine-centric brands," said Todd Cleveland, chairman and CEO of Patrick, in the statement.

"We believe the marine industry is well-positioned for continued growth, and we are excited to partner with Ed Forbes, Chris Wainscott and the EMC team to further expand our presence as a key component supplier in this space," added Andy Nemeth, president of Patrick. “Consistent with previous acquisitions, we will support EMC 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."

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

Related

AMI-PRE-CONFERENCE

AMI Hosts Pre-Conference Sessions

The sessions on leadership and marina management, and a tour of a nearby marina and boatyard operation, precede today’s official kickoff of the group’s annual conference.

1_DEALER.OUTLOOK

Boating’s Greatest Thingamabob

The Seattle Boat Show kicks off next week with nearly 300 exhibitors, 800 new boats and the construction of a 100-foot Rube Goldberg boat machine.

1_YEARGIN copy

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

1_PULSE.PING.2

Are You Improving the Service Experience?

This month’s Pulse Report survey asks dealers about tactics being employed to improve the service department, along with other questions about retail conditions. Take the survey here.

1_OFF.THE.HOOK.JPG

Off the Hook Yacht Sales Acquires Two Marinas

The company announced that it purchased facilities in Hampstead, N.C., and Georgetown, Md.

1_GILLEN.YS

Gillen Announces Expansion, New Hire

The yacht services company will move into a new, 15,000-square-foot location in West Palm Beach Fla., run by operations manager Tony Matherly.

1_YEARGIN

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

DOMETIC-EARNINGS

Dometic Posts Sales Increase for Q4

Net sales of $596 million were up 11% compared with the previous-year quarter, and profit was reported at $2.6 million.