ELKHART,
Ind., Feb. 24, 2025 /PRNewswire/ -- Patrick
Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company")
announced today that it has completed the acquisition of
Spring Lake, Michigan-based
Medallion Instrumentation Systems, LLC ("Medallion"), a premier
provider of customized instrumentation and vehicle electronics for
marine, RV, powersports, on-highway and military markets.
Medallion's engineering team provides complete systems solutions
that cater to customer needs, including digital switching, lighting
controls, integrated audio, sensor products, wire harnessing,
gauges and LCD touchscreen displays. Medallion's 2024 revenue was
approximately $38 million.
"We are thrilled to welcome the entire Medallion team to the
Patrick family as we advance our mission of providing
full-solutions packages to our customers," said Andy Nemeth, Chief Executive Officer of Patrick.
"With the growing customer preference towards digital switching,
custom LCD displays, gauges and controllers in the Outdoor
Enthusiast space, this acquisition purposefully connects our
complement of existing product offerings into a complete technology
solution that can be customized to our customer's vision and needs.
In tandem with our strong mechanical expertise and customer
relationships, Medallion's engineering, design, and sales
capabilities offer an exciting opportunity to further expand our
presence in the marine, powersports, and RV markets."
Jeff Sands, Chief Executive
Officer of Medallion, commented, "The Medallion team and I are
energized by the opportunity to join Patrick and continue our
mission of providing high-quality solutions tailored to the needs
of our valued customers. We believe Patrick's deep experience,
capabilities and resources open up significant opportunities to
grow our business in both our existing end markets and in those in
which we are currently underpenetrated."
Consistent with other acquisitions, Medallion will continue to
operate under its existing brand name and within its current
facility.
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider
serving the RV, Marine, Powersports and Housing markets. Since
1959, Patrick has empowered manufacturers and outdoor enthusiasts
to achieve next-level recreation experiences. Our customer-focused
approach brings together design, manufacturing, distribution, and
transportation in a full solutions model that defines us as a
trusted partner. Patrick is home to more than 85 leading brands,
all united by a commitment to quality, customer service, and
innovation. Headquartered in Elkhart,
IN, Patrick employs approximately 10,000 skilled team
members throughout the United
States. For more information on Patrick, our brands, and
products, please visit www.patrickind.com.
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,
2024, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/patrick-industries-inc-completes-acquisition-of-medallion-instrumentation-systems-llc-302383361.html
SOURCE Patrick Industries, Inc.
