Patrick Industries, a major manufacturer of component products and distributor of building and construction products serving multiple industrial sectors has announced the complete acquisition of Leisure Product Enterprises, LLC at an approximate price of $73.5 million. LPE is a holding company with three manufacturing subsidiaries: Marine Concepts/Design Concepts (Marine Concepts), Florida Marine Tanks (FMT), and Marine Electrical Products (MEP). LPE primarily serves the marine and industrial markets with combined revenues of approximately $75 million.
Marine Concepts has two locations in Sarasota, Florida and Cape Coral, Florida and designs, engineers, and manufactures CNC plugs, composite moulds (open and closed), and CNC moulds for fiberglass boat manufacturers.
FMT, located in Henderson, North Carolina, manufactures, fabricates, and assembles aluminum fuel and holding tanks for the marine and industrial markets. FMT provides an industry-leading platform of design, engineering, and fabrication services for aluminium fuel, water, oil, and holding tanks.
MEP, located in Lebanon, Missouri, manufactures custom wire harnesses, fiberglass and fiberglass components for the fiberglass, aluminium, and pontoon boat segments. MEP also produces custom parts and assemblies for the industrial, commercial, and off-road vehicle markets.
"We look to continue to build on our marine platform, which after the LPE acquisition represents more than $125 million in combined annualized revenues, complements our value proposition to the marine market, and will help drive synergy realization," said Todd Cleveland, Chief Executive Officer of Patrick.
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J. Pearson, Chairman of LPE, said, "The team at Marine Concepts, FMT and MEP is excited to partner with the Patrick organization, which shares our enthusiasm, energy, and vision of continuing to design, engineer, and manufacture high quality, innovative products for the marine market.
The merger between LPE ‘s high quality brands and Patrick’s long term experience in the construction and marine vehicle market is expected to further enhance their presence and market share in the marine market.
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