ELKHART,
Ind., Sept. 9, 2024 /PRNewswire/ -- Patrick
Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), 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 ("RecPro"), 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 our 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.
Forward-Looking Statements
This press release contains certain statements related to future
results, our intentions, beliefs and expectations or predictions
for the future, which are forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
Any projections of financial performance or statements concerning
expectations as to future developments should not be construed in
any manner as a guarantee that such results or developments will,
in fact, occur. There can be no assurance that any forward-looking
statement will be realized or that actual results will not be
significantly different from that set forth in such forward-looking
statement. Information about certain risks that could affect our
business and cause actual results to differ from those expressed or
implied in the forward-looking statements are contained in the
section entitled "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31,
2023, and in the Company's Forms 10-Q for subsequent
quarterly periods, which are filed with the Securities and Exchange
Commission ("SEC") and are available on the SEC's website at
www.sec.gov. Each forward-looking statement speaks only as of the
date of this press release, and we undertake no obligation to
update any forward-looking statement to reflect events or
circumstances occurring after the date on which it is made.
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SOURCE Patrick Industries, Inc.