MHProNews has learned from prnewswire that Elkhart, Indiana-based Patrick Industries, Inc. (NASDAQ:PATK) has acquired The Progressive Group, a distributor and manufacturer’s representative for major name brand electronics serving 16 states that are primarily in the Midwest and Intermountain regions. The company’s customer base includes small to large retailers, other distributors and installers for the auto and home markets.

While the net purchase price was $11 million, Progressive’s 2015 revenues were around $23 million.

Noting the opportunity to expand the company’s presence in the electronics distribution market along with its existing Quest Audio Video electronics products, Patrick CEO Todd Cleveland said it will position Patrick “to capitalize on the continued growth and upside potential in the residential housing market.”

David Russell, founder of Progressive, said, “After more than 15 years in business, Progressive’s exceptional team and I are excited to partner with the Patrick organization, which shares our long-term vision to be a premier high-quality distributor and rep firm for the markets we serve.”

As MHProNews knows, Patrick is a manufacturer and distributor of component parts for the manufactured home and recreational vehicle industries. ##

(Image credit: Patrick Industries, Inc.)

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