Elkhart-based Patrick Industries, which makes and distributes component and building products for the recreational-vehicle, manufactured-housing and other markets, acquired three vehicle painting businesses and an accompanying transportation operation.
The businesses, located in Bremen and Elkhart, are Precision Painting, Carrera Custom Painting, Millennium Paint and TDM Transport. They offer exterior full-body painting of RVs for original equipment manufacturers and fleet owners, as well as interior painting and refurbishing services. TDM Transport serves in-house customers.
According to Patrick, the three painting businesses have projected 2014 revenue of $28 million. The acquisition, Patrick said, was funded through its existing credit facility.
The businesses will operate under their existing names and at their present facilities.
"After partnering with Mike Leman, Dan Miller and the exceptional team at Precision for more than 13 years, I am both excited and energized to join the Patrick organization, whose core values, competencies, relationships and customer-first approach mirror those that we have worked hard to build and maintain on a consistent, high-quality basis," Todd Hundt, president and founder of the businesses, which Patrick collectively calls the Precision Painting Group, said in an announcement.
"Mike, Dan and I look forward to becoming a part of the Patrick team, while still having the freedom and additional resources to continue to drive the growth of our brands. Patrick is a natural fit for our operation, and the additional manufacturing expertise and financial resources that they bring can help propel Precision to the next level."
"The acquisition of the Precision Painting Group, the industry leader in premium exterior full-body painting, adds to our stable of high-quality innovative decorative product lines that will help to continue to bring added value to our customer base," Patrick President and CEO Todd Cleveland said in the announcement.