Patrick Industries acquires Frontline and Premier Concepts
In a combined transaction, building products manufacturer and distributor Patrick Industries, Inc. has completed the acquisition of both Frontline Mfg., Inc. and Premier Concepts, Inc. for a combined net purchase price of $8 million.
The transaction includes the acquisition of accounts receivable, inventory, prepaid expenses, tooling, machinery, equipment and vehicles. The deal was funded by the company's $80 million revolving secured senior credit facility.
Frontline is a manufacturer of fiberglass bath fixtures with a projected annual revenue of about $15 million for 2013.
"Frontline's reputation among its customer base for innovative designs, high quality products, and exceptional in-house engineering capabilities will allow us to establish a strong presence in the fiberglass bath fixtures market within the industries we serve while providing opportunities to bring new products to market through existing sales channels," said Todd Cleveland, president and CEO of Patrick.
Meanwhile, Premier is a custom fabricator of solid surface, granite and quartz countertops with a projected revenue of $10 million for 2013.
"The acquisition of Premier will enhance our position as an industry leader in the RV, MH, and industrial countertop markets by leveraging our operational talent and experience with the team at Premier," Cleveland continued. "Consistent with previous acquisitions, we will continue to support both of these businesses with a financial and operational foundation that will allow each to preserve the entrepreneurial spirit that has been so important to their success, and enable each to continue to bring the highest quality products, service and value to our customers."
Both Frontline and Premier will maintain their brand names and continue to operate on a stand-alone basis.