Brief: Patrick Industries Signs Definitive Agreement To Acquire Sportech

Patrick Industries

11/01/2024 12:13

Jan 11 (Reuters) - Patrick Industries Inc  PATK.O :
    * PATRICK INDUSTRIES, INC. SIGNS DEFINITIVE AGREEMENT TO
ACQUIRE
SPORTECH, LLC - A LEADING SUPPLIER OF PREMIUM COMPONENT
SOLUTIONS TO POWERSPORTS OEMS
    * PATRICK INDUSTRIES INC - PROPOSED DEAL FOR $315 MILLION
    * PATRICK INDUSTRIES INC - PROPOSED DEAL FOR APPROXIMATELY
$315
MILLION.
    * PATRICK INDUSTRIES INC - TRANSACTION IS EXPECTED TO CLOSE
ON OR
BEFORE JANUARY 24, 2024
    * PATRICK INDUSTRIES INC - ACQUISITION IS EXPECTED TO BE
IMMEDIATELY ACCRETIVE TO PROFIT MARGINS AND NET INCOME PER SHARE
    * PATRICK INDUSTRIES INC - ALL-CASH TRANSACTION WILL BE
FUNDED
WITH A COMBINATION OF BORROWINGS UNDER COMPANY'S EXISTING CREDIT
FACILITY AND CASH ON HAND.
    * PATRICK INDUSTRIES - SPORTECH TO CONTINUE OPERATIONS AS
WHOLLY
OWNED UNIT OF PATRICK UNDER SPORTECH NAME AND WITHIN ITS
EXISTING FACILITIES
    * PATRICK INDUSTRIES-FOLLOWING CLOSING, SPORTECH TO CONTINUE
OPERATIONS AS  WHOLLY OWNED UNIT OF PATRICK UNDER SPORTECH NAME
&WITHIN EXISTING FACILITIES

Source text for Eikon:  ID:nPn5JhGG5a 
Further company coverage:  PATK.O 

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