Elkhart, Ind.-based Patrick Industries Inc. announced today (Sept. 5) that it has completed the acquisition of the business and certain assets of Baymont Inc., a manufacturer and supplier of fiberglass showers, tubs, and tile systems for the manufactured housing and industrial markets.
The acquisition included Baymont’s inventory, machinery and equipment, and was funded under the company’s existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the Baymont brand name in its existing facilities.
According to a news release, Baymont operates out of multiple manufacturing facilities in Golden, Miss., and has 2017 projected annual revenues of approximately $8 million. Patrick purchased Baymont was $3.4 million plus contingent consideration based on future performance. The company expects the acquisition to be accretive to 2018 net income per share.
“Baymont is recognized as a high-quality and trusted designer, engineer and manufacturer of bath fixtures, including fiberglass showers and tubs, and its patented prefabricated tile wall system has applications in both the MH and residential housing markets,” said Patrick CEO Todd Cleveland. “Baymont represents a continued growth opportunity that complements our strategic expansion initiatives in the MH market.”
“The acquisition of Baymont will expand Patrick’s geographic footprint and fiberglass manufacturing capacity and capabilities in the Southeast where there is significant growth potential as well as provide opportunities to better serve our customers in the MH and residential housing markets,” said Andy Nemeth, president of Patrick. “In addition, the operational talent and expertise of the Baymont team will allow us to capitalize on product synergies, including expanding Baymont’s existing fiberglass and tile product portfolio into the recreational vehicle, marine and other markets. Consistent with previous acquisitions, we will support Baymont 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.”
Mike Stockton, president of Baymont, noted, “Patrick is a great fit for our operation and for our customers. After more than 16 years in business, our team is excited to partner with the Patrick organization whose vast portfolio of products and resources and customer first approach will help to further grow the Baymont brand and bring a variety of product solutions, resources, and capacity to our customers and markets.”