This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Patrick Industries, Inc. Completes Acquisition Of Gustafson Lighting

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.   

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs