PATRICK INDUSTRIES, INC. (NASDAQ:PATK) Files An 8-K Regulation FD DisclosureItem 7.01Regulation FD Disclosure.
On May 31, 2018, Patrick Industries, Inc. ("Patrick" or the "Company") announced the completion of the acquisition of Dowco, Inc. (“Dowco”), a designer and manufacturer of custom designed boat covers and bimini tops, full boat enclosures, mounting hardware, and other accessories and components for the marine market, from CMW Holding Company. Dowco is headquartered in Manitowoc, Wisconsin and has additional manufacturing facilities located in Lebanon, Missouri, Fort Wayne, Indiana, Little Falls, Minnesota, and Pine City, Minnesota.
Dowco’s trailing 12-months revenue through April 2018 was approximately $37 million and the Company expects the acquisition to be immediately accretive to net income per share. The total cash consideration paid for Dowco, which was funded under the Company's existing credit facility, was approximately $56 million. The acquisition of Dowco included the acquisition of accounts receivable, inventory, prepaid expenses, real estate and machinery and equipment. Dowco will continue to operate on a stand-alone basis under its brand name in its existing facilities.
On May 31, 2018, the Company issued a press release (the "Press Release") related to the information set forth under Item 7.01 of this Report. A copy of the Press Release is furnished herewith as Exhibit 99.1.
The information referenced in this Form 8-K is furnished to Item 7.01, “Regulation FD Disclosure.” Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.
PATRICK INDUSTRIES INC ExhibitEX-99.1 2 dowcoincnewsrelease-exh991.htm EXHIBIT 99.1 Exhibit Patrick Industries,…To view the full exhibit click
About PATRICK INDUSTRIES, INC. (NASDAQ:PATK)
Patrick Industries, Inc. (Patrick) is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industries. The Company operates in two segments: Manufacturing and Distribution. The Company’s manufacturing segment’s lamination operations utilizes various materials, such as lauan, medium density fiberboard (MDF), gypsum, and particleboard, which are bonded by adhesives or a heating process to a number of products, including vinyl, paper, foil and high-pressure laminates. The Company’s distribution segment distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, FRP products, cement siding, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds. It also distributes interior and exterior lighting products, and other miscellaneous products.