Patrick Completes Sportech Acquisition; Sets Q4 Results – RVBusiness – Breaking RV Industry News
ELKHART, Ind. –Patrick Industries, Inc. (NASDAQ: PATK), 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,” Andy Nemeth, chief executive officer of Patrick, stated in a release. “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, Feb. 8.
Patrick Industries will host a conference call at 10 a.m. Eastern Time, Thursday, Feb. 8 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, Ind., employing approximately 10,000 team members throughout the United States.