Patrick Industries makes IndustryWeek’s 50 Best U.S. Manufacturers list

Author:
Publish date:

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.

Related

Distributor Expands ePropulsion Sales Territory

Mack Boring will now offer ePropulsion’s electric outboards in the entire North American and Central American markets.

Registration Still Open for NMMA Webinar

The March 4 State of the Industry webinar includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Rollick Secures $8.5 million in Funding

The market strategists said Web traffic in the third quarter of 2020 was up 245 percent on a year-over-year basis.

Time to Cry Foul Over Erie Canal Changes

An act has been introduced in the waning days of New York’s annual budget process that allows no opportunity for public input.

Service to Send $1 Billion to State Wildlife Agencies

U.S. Fish and Wildlife Service will distribute funds to states to bolster conservation projects and recreational opportunities.

Quick Hits: March 1, 2021

Safe Harbor Newport Shipyard adds SF Marina floating dock array.

Patrick Supports Care Camps

The outdoors camps for children with cancer receive a first-time gift and marketing support from Patrick Industries.

Brunswick Creates Autonomy Position

The company promoted Jason Arbuckle to marine autonomy technology lead, with a focus on incorporating autonomous and driver-assist features into its product line.