PATRICK INDUSTRIES, INC. (NASDAQ:PATK) Files An 8-K Regulation FD Disclosure

On May 1, 2017, Patrick Industries, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the completion of the acquisition of the membership interests of Leisure Product Enterprises, LLC (“LPE”). LPE is a holding company with three complementary manufacturing subsidiaries under its umbrella: 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 fiscal 2016 revenues of approximately $75 million. The aggregate purchase price for LPE was approximately $73.5 million, and the Company expects the acquisition to be immediately accretive to net income per share.

Marine Concepts has two locations in Sarasota, Florida and Cape Coral, Florida and designs, engineers, and manufactures CNC plugs, composite molds (open and closed), and CNC molds for fiberglass boat manufacturers. Marine Concepts also produces gelcoat and fiberglass parts and assemblies for both the marine and industrial markets.

FMT is located in Henderson, North Carolina and manufactures, fabricates, and assembles aluminum fuel and holding tanks for the marine and industrial markets.

MEP is located in Lebanon, Missouri and manufactures custom wire harnesses, fiberglass and fiberglass reinforced thermoformed helm systems, dash panels, and instrument panels for the fiberglass, aluminum, and pontoon boat segments and also produces custom parts and assemblies for the industrial, commercial, and off-road vehicle markets.

The acquisition of LPE included the acquisition of accounts receivable, inventory, prepaid expenses, machinery and equipment, and the two manufacturing facilities located in North Carolina, and was funded under the Company’s existing credit facility. The Company expects to incur one-time transaction-specific pretax charges of $0.3 million or $0.01 per diluted share after tax in the second quarter of 2017, and will also incur purchase accounting expenses and charges related to the acquisition. Each of the businesses will continue to operate on a stand-alone basis under their respective brand names in their existing facilities.

A copy of the Press Release is furnished herewith as Exhibit 99.1.

The above information is furnished to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. The filing of this Current Report shall not be deemed an admission as to the materiality of any information in the Current Report that is required to be disclosed solely by reason of Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1 Press Release issued May 1, 2017.

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. PATRICK INDUSTRIES, INC. (NASDAQ:PATK) Recent Trading Information
PATRICK INDUSTRIES, INC. (NASDAQ:PATK) closed its last trading session up +0.35 at 74.80 with 225,551 shares trading hands.