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.