ELKHART,
Ind., Jan. 24, 2024 /PRNewswire/ -- Patrick
Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a
leading component solutions provider for the Outdoor Enthusiast and
Housing markets, announced today that it has completed its
previously announced $315 million
acquisition of Sportech, LLC, a leading designer and manufacturer
of high-value, complex component solutions to powersports OEMs,
adjacent market OEMs and the aftermarket.
"This acquisition helps to solidify our presence as a key
component solutions supplier to the Powersports market and
aftermarket, and extends the runway for us to continue to drive our
strategic growth plan in alignment with our Outdoor Enthusiast
vision," said Andy Nemeth, Chief
Executive Officer of Patrick. "We are very excited to
officially welcome Sportech to the Patrick family of brands."
In connection with the acquisition, the Company expects to
record one-time, non-recurring pretax charges in the first quarter
of 2024 of approximately $7 million
related to transaction fees and non-cash purchase accounting
adjustments.
Fourth Quarter 2023 Earnings Release and Conference Call
Webcast
The Company also announced that it will release its fourth
quarter and twelve months 2023 financial results before the market
opens on Thursday, February 8,
2024.
Patrick Industries will host a conference call on Thursday, February 8, 2024 at 10:00 a.m. Eastern Time to discuss results and
other business matters. Participation in the question-and-answer
session of the call will be limited to institutional investors and
analysts. The dial-in number for the live conference call is (877)
407-9036. Interested parties are invited to listen to a live
webcast of the call on Patrick's website at www.patrickind.com
under "For Investors." A replay of the conference call will
also be available via the Company's investor relations website.
About Patrick Industries, Inc.
Patrick Industries (NASDAQ: PATK) is a leading component solutions
provider for the RV, Marine, Powersports and Housing markets.
Founded in 1959, Patrick is based in Elkhart, Indiana, employing approximately
10,000 team members throughout the United
States.
Forward-Looking Statements
This press release contains certain statements related to future
results, our intentions, beliefs and expectations or predictions
for the future, which are forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
Any projections of financial performance or statements concerning
expectations as to future developments should not be construed in
any manner as a guarantee that such results or developments will,
in fact, occur. There can be no assurance that any forward-looking
statement will be realized or that actual results will not be
significantly different from that set forth in such forward-looking
statement. Information about certain risks that could affect our
business and cause actual results to differ from those expressed or
implied in the forward-looking statements are contained in the
section entitled "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31,
2022, and in the Company's Forms 10-Q for subsequent
quarterly periods, which are filed with the Securities and Exchange
Commission ("SEC") and are available on the SEC's website at
www.sec.gov. Each forward-looking statement speaks only as of the
date of this press release, and we undertake no obligation to
update any forward-looking statement to reflect events or
circumstances occurring after the date on which it is made.
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SOURCE Patrick Industries, Inc.