ELKHART, Ind., Nov. 30, 2017 /PRNewswire/ — Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick” or the “Company”) announced today that it has completed the acquisition of LMI, Inc. and related companies (collectively, “LMI”), a leading designer, fabricator, and installer of specialty glass, mirror, bath and closet building products to residential housing and commercial high-rise builders, general contractors, retailers, and recreational vehicle (“RV”) manufacturers in the U.S. LMI is headquartered in Ontario, California and operates six manufacturing and distribution centers in California and Nevada and an additional manufacturing facility in China. The Company projects LMI’s full-year 2017 revenues to be approximately $75 million. The total cash consideration paid for LMI was approximately $81 million and the Company expects the acquisition to be immediately accretive to 2017 net income per share.
LMI, whose well-established, high-quality brands include LMI, Chaparral, CoxUSA, All Counties Glass, and Shower Enclosures America, serves leading residential and commercial builders, primarily in California and Nevada, and retailers, glass wholesalers, and RV manufacturers across the country. LMI’s specialty building and RV products include multiple lines of shower enclosures, fabricated glass products, vanity and wall mirrors, wardrobe doors and hardware systems, and closet organizers and shelving.
“LMI’s excellent reputation has been built upon years of providing quality products and services and industry leading technical and installation expertise to its customer base,” said Todd Cleveland, Chief Executive Officer of Patrick. “LMI’s offerings complement our existing industrial product portfolio and further increase our RV content per unit, while also allowing us to provide a full suite of bath and shower products to both new and existing customers. This acquisition is well-aligned with our strategic initiatives and capital allocation strategy and represents an excellent opportunity to expand and diversify our presence in the industrial markets and enter new sales channels with large scale home builders, commercial contractors, and big box retail customers.”
“LMI’s long-standing builder and commercial relationships, geographic footprint in the western United States, glass and metal fabrication capabilities and expertise, and extensive portfolio of premium specialty bath and closet building products will enable us to further penetrate the residential housing and commercial markets,” said Andy Nemeth, President of Patrick. “These western markets and certain other key regions of the country have experienced continued steady growth with strong industry tailwinds, and have a favorable outlook with continued pent-up demand for high-quality, affordable homes. Consistent with previous acquisitions, we will