ELKHART, Ind., July 24, 2012 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") announced today the acquisition of the business and certain assets of Elkhart, Indiana-based Gustafson Lighting ("Gustafson"), a major manufacturer and distributor of interior and exterior lighting products, ceiling fans and accessories including glass and glass pads, hardware and lampshades for the RV industry. The Company estimates Gustafson's annualized 2012 revenues to be approximately $12 million. Gustafson marks Patrick's fifth acquisition since June 2011.
"We are excited about partnering with the team at Gustafson, which has built long-standing trusted relationships with its customers and suppliers during its 50-year history," stated Todd Cleveland, President and Chief Executive Officer. "Gustafson commands a large share of the RV interior and exterior lighting market and will be an asset to our organization, providing the opportunity to increase our market share and per unit content and bring value to our customers through new and innovative products."
The business will continue to operate on a stand-alone basis under the Gustafson brand name in its current facility in Elkhart. The purchase price for the assets including the building approximates $2.8 million. The acquisition was funded under the Company's revolving credit facility and was completed pursuant to a foreclosure and private sale under the Uniform Commercial Code with Capital Source Finance, LLC.
"Gustafson is a natural fit with Patrick's existing RV and commercial businesses as it brings many competitive advantages to our Company, including high quality product lines, strategic sales, design and supplier relationships, exceptional customer service, industry experience, and breadth and depth of products. We plan to capitalize on certain synergies that our two companies can bring to each other. Patrick will cover certain existing trade payables in order to maintain the integrity of Gustafson's quality relationships with its key supplier base and as a reflection of our commitment to the industry. We also intend to invest the capital needed for Gustafson to strengthen its position as the leader in the RV lighting industry," said Mr. Cleveland.