Elkhart, Ind.-based Patrick Industries is the top manufacturer on the 2018 IndustryWeek’s 50 Best U.S. Manufacturers list for the second consecutive year.
IndustryWeek magazine said the company’s aggressive approach to growth through acquisitions has helped it expand its reach.
The company’s ability to grow content is rising “at a very impressive clip,” Daniel Moore, managing director of research for CJS Securities, told IndustryWeek.
"That's driven both through organic share gains and acquisitions,” Moore said. “Oftentimes, those acquisitions then lead to increased market share within the product categories they're acquiring."
Patrick Industries has completed 40 acquisitions since 2010, according to a recent investor presentation. Several of those have been in the marine industry.
In 2017, the company completed seven acquisitions for $249 million, with annual revenues valued at $309 million. The deals contributed to Patrick's 34 percent revenue increase in 2017, to $1.63 billion.
A major acquisition was the $73.3 million purchase of Leisure Product Enterprises. LPE primarily serves the marine and industrial markets, including boat dash and helm assemblies. Marine revenues represented 7 percent of the company’s sales in 2017.
Patrick completed seven acquisitions for $258 million in the first half of 2018. The company also plans to invest in its manufacturing operations and expects to spend $25 million to $30 million in capital expenditures this year.