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Patrick Industries Closes Acquisitions of Sigma Wire International, KRA International.

MANews-(C)2009-2016

7 December 2016 - US-based RV and mobile home furniture and fixtures manufacturer Patrick Industries, Inc. (NASDAQ: PATK) has completed the acquisitions of the business and certain assets of US-based wire manufacturer Sigma Wire International, LLC and KRA International, LLC, the company said.

The total cash consideration paid for these two acquisitions was approximately USD 25m.

Sigma is a manufacturer of a range of PVC insulated wire and cable products primarily for the recreational vehicle and marine markets.

KRA, which operates primarily in the RV and industrial markets, is a manufacturer of wire harnesses and associated assemblies for RVs, commercial vehicles, lawn care equipment, marine products, the defense industry, and automotive aftermarket products.

The company projects the combined 2016 revenues of Sigma and KRA to be approximately USD 21m.

Patrick expects the acquisitions to be accretive to 2017 net income per share.

The net purchase price for both businesses includes the acquisition of accounts receivable, inventory, and machinery and equipment, and was funded under the company's credit facility.

Sigma and KRA will continue to operate on a stand-alone basis under their respective brand names in their existing facilities.

Patrick Industries is a manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 16 states.

Country: USA

Sector: Motor Vehicles

Target: Sigma Wire International, KRA International

Buyer: Patrick Industries

Vendor:

Deal size in USD: 25m

Type: Corporate Acquisition

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Date:Dec 7, 2016
Words:262
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