Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, January 19, 2024

Article Excerpt

PATRICK INDUSTRIES INC., $98.23, symbol PATK on Nasdaq, is based in Elkhart, Indiana, the unofficial home of the U.S. recreational vehicle (RV) industry. The company manufactures decorative vinyl and paper laminated panels, bath and shower moldings, and hardwood profiles. It also provides countertops, furniture, moldings, doors, cabinets, and fixtures for the housing, marine, and RV markets. Founded in 1958, the company has over 80 brands, and it makes its products at over 250 facilities in 23 U.S. states, Mexico, China and Canada. On January 11, 2024, Patrick announced a significant acquisition in the outdoor enthusiast market. The company will pay $315 million for Sportech LLC. Sportech designs, manufactures, and assembles cab components and systems for the powersports, golf and turf, industrial, and agricultural end markets. The powersports market includes all-terrain vehicles, utility terrain vehicles, snowmobiles and personal watercraft. Sportech’s products include integrated door systems, roofs, canopies, bumpers, windshields, fender flares and cowls. The Elk River, Minnesota, company generated $255 million in revenue in 2023. In…