Patrick Industries completed another acquisition, this time of a Tennessee-based designer and manufacturer of dash panel assemblies, electrical systems and related components and parts for the marine industry.
The Elkhart-based manufactured housing and RV supplier said Monday it paid $35 million for BH Electronics, which has five facilities in the Southeast and serves many U.S. boat manufacturers.
“This acquisition represents a significant growth opportunity to leverage the presence of BHE and Patrick’s business units currently serving the marine industry by entering complementary markets where our combined expertise, quality products and service are highly compatible,” Patrick CEO Todd Cleveland said in a company statement.
The BHE management team will continue to run its business but Patrick will maximize synergy opportunities between the organizations, Patrick President Andy Nemeth said.
“Consistent with previous acquisitions, we will support BHE 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,” Nemeth said.
Patrick will continue to operate the business on a stand-alone basis under the BHE brand name in its five existing facilities in Tennessee and Georgia.
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