Patrick Industries Acquires Aftermarket Supplier RecPro – 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 the acquisition of Bristol, Indiana-based ICON Direct, Inc., which operates as RecPro.com, a leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets. The Company estimates RecPro’s 2024 revenues will be approximately $80 million.
“We are excited to announce our acquisition of RecPro, and I am pleased to welcome Mike Waumans Jr. and the rest of his team to the Patrick family,” said Andy Nemeth, chief executive officer of Patrick. “The addition of RecPro’s leading e-commerce platform meaningfully expands Patrick’s presence in the attractive Outdoor Enthusiast aftermarket and broadens the foundation of our aftermarket strategy as we seek to leverage our aftermarket product offerings and other product solutions across our RV, Marine and Powersports portfolio. We believe RecPro’s passion for growth, commitment to quality customer service, and ability to source and provide value-enhancing product solutions are a synergistic fit within our entrepreneurial business model.”
Mike Waumans Jr., owner of RecPro, commented, “We are excited about the opportunity to partner with Patrick and its network of leading brands and look forward to what we can achieve together. With our online retail presence and robust customer-service platform, coupled with Patrick’s support of our entrepreneurial culture, we are energized by the opportunity to engage with Patrick’s leaders and portfolio of companies, utilizing our expertise and the RecPro platform to enhance Patrick’s aftermarket presence.”
Consistent with the company’s other acquisitions, RecPro will continue to operate under its existing brand name and within its current facilities. The acquisition is expected to be immediately accretive to net income per share.
About RecPro
RecPro is a leading online aftermarket e-commerce platform focused on the Outdoor Enthusiast market. Located in Bristol, IN, RecPro’s goal is to provide customers with the best products at competitive prices. With the majority of items for sale under the RecPro name, RecPro.com offers a wide selection of products, some fully customizable, that empower outdoor enthusiasts to save money while they upgrade, repair, and customize their units. RecPro’s products include air conditioners, furniture, ladders, water heaters, water softeners, converters, microwaves, ranges, range hoods, cooktops, fireplaces, water pumps, ceiling fans, and more. For more information on RecPro, please visit www.recpro.com.
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.
