Leisure and housing market accessory and component supplier Patrick Industries Inc. yesterday announced it completed the acquisition of Transhield, a manufacturer of custom protective covers for marine and other applications.
“We are extremely excited to partner with Jim Glick, Matt Peat and the entire Transhield team,” Andy Nemeth, chief executive officer of Patrick Industries, said in a statement. “Transhield’s innovative and quality product solutions have significant potential across multiple market sectors and their culture, spirit and industry reputation for customer service are an ideal fit within our portfolio of companies and independent brands.”
Patrick said it will provide a financial and operational foundation that will let Transhield continue to operate independently in its current facilities. Both companies are based in Elkhart, Ind. The acquisition is expected to be immediately accreditive to net income per share.
“We look forward to partnering with Patrick and are energized by the growth opportunities that Patrick and Transhield can pursue together, including the expansion of our market presence and leveraging Patrick’s footprint to further develop our aftermarket channel — all while maintaining our brand identity and strong industry relationships,” Transhield president Jim Glick said in the statement.
