Mervin D. Lung, founder of Patrick Industries Inc., has sold his shares of company stock and resigned from the board of directors after more than 46 years of service, according to a statement released Tuesday (Sept. 13) by Patrick.
Lung and his wife, Dorothy, have sold more than 890,000 shares of stock to Tontine Capital Partners L.P., a Delaware limited partnership managed by Jeffrey Gendell.
This purchase increases Tontine’s holdings in Patrick from about 8.9% to an estimated 27.5%, or 1.31 million shares, of the total outstanding common stock.
Lung founded Patrick Industries in 1959 and took the company public in 1968. He retired in 1998.
Patrick is a manufacturer of component products and a distributor of building products for a variety of industries, including manufactured housing, recreational vehicles and boats.