The company operates six manufacturing and distribution centers in California and Nevada and an additional manufacturing facility in China. The total cash consideration paid for LMI was about $81 million, Patrick said in a statement today.
“LMI’s offerings complement our existing industrial product portfolio and further increase our RV content per unit, while also allowing us to provide a full suite of bath and shower products to both new and existing customers, Todd Cleveland, CEO of Patrick, said in the statement. “This acquisition is well-aligned with our strategic initiatives and capital allocation strategy and represents an excellent opportunity to expand and diversify our presence in the industrial markets and enter new sales channels with large scale home builders, commercial contractors, and big box retail customers.”
“LMI’s long-standing builder and commercial relationships, geographic footprint in the western United States, glass and metal fabrication capabilities and expertise, and extensive portfolio of premium specialty bath and closet building products will enable us to further penetrate the residential housing and commercial markets,” added Andy Nemeth, Patrick’s president. “These western markets and certain other key regions of the country have experienced continued steady growth with strong industry tailwinds, and have a favorable outlook with continued pent-up demand for high-quality, affordable homes. Consistent with previous acquisitions, we will support LMI with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”
Based in Elkhart, Patrick manufactures products for the recreational, manufactured housing and commercial markets.