MHProNews has learned from prnewswire that Patrick Industries, Inc. (NASDAQ:PATK) has finalized the acquisition of Parkland, Plastics, Inc. of Middlebury-Indiana. Parkland designs, manufactures and distributes polymer-based wall and ceiling panels, coated and rolled floors, protective moulding, adhesives and accessories for the manufactured home and recreational vehicle industries.

While the net purchase price was $25 million, Parkland’s 2015 revenues were $30 million. Andy Nemeth, President of Patrick, said, “We look forward to partnering with Parkland’s management team to further expand the business and continue to offer new and innovative products to our customers. Consistent with previous acquisitions, we will support Parkland with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the creative entrepreneurial spirit that has been critical to its success.”

Charles Yoder, founder of Parkland, commenting, said, “After more than 25 years in business, Parkland’s exceptional team and I are excited to partner with the Patrick organization, which shares our long-term vision to be a premier innovator of polymer-based products for the industries we serve.”

While the company will continue operating under the Parkland name in its 72,000 square foot facility, the acquisition includes accounts receivable, inventory, prepaid expenses, machinery and equipment as well as the Middlelbury building. Patrick is headquartered in nearby Elkhart, IN. ##

(Photo credit: elkharttruth/Emily Pfund)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.