According to a press release, Charleston is a Bremen, Ind.-based manufacturer of fiberglass and plastic components primarily used in the recreational vehicle, marine and vehicle aftermarket industries. Patrick estimates Charleston’s 2014 annual revenues to be approximately $20 million and expects the acquisition to be accretive to 2015 net income per share.
“The acquisition of Charleston, which is recognized as a high quality manufacturer and designer of a wide array of both open and closed mold fiberglass components and plastic products for OEMs in the RV, marine, vehicle aftermarket and transit industries, is a natural fit with our Frontline Mfg. Inc. fiberglass operation,” said Todd Cleveland, president and CEO of Patrick. “Charleston brings many competitive advantages to our company, including high-quality product lines, custom mold and tooling capabilities and expertise, strategic sales, design and supplier relationships, industry experience, and breadth and depth of products.”
Cleveland said Patrick will continue to support Charleston with “a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”
Dick Strefling, founder of Charleston, said, “After more than 30 years in business together, Charleston’s exceptional team and I are excited to partner with Patrick and team up with an organization whose strong focus on customer service coupled with our technology and manufacturing processes in the fiberglass market will help further grow the Charleston brand. Patrick is a natural fit for our operation as we are poised for growth and the additional manufacturing expertise and resources that Patrick brings can help propel Charleston to the next level.”
Cleveland added, “We look forward to carrying on the tradition and reputation that Dick and the team at Charleston have built during their 30-plus year history. Additionally, bringing our two companies together to expand our presence and footprint in the fiberglass and small component plastics market, particularly as a supplier to the RV and marine industries, is clearly aligned with our strategic growth and diversification plans.”