Patrick Industries to acquire Sportech for $315M cash; expects immediate accretion

PATRICK INDUSTRIES INC

Acquires all outstanding equity of Sportech, a powersports component supplier, for ~$315M all-cash.
Expected to close by Jan 24, 2024, subject to customary conditions and regulatory approval.
Sportech had estimated 2023 revenue of ~$255M; 5-year CAGR of 17%.
Deal expected to be immediately accretive to profit margins and net income per share.
Proforma net leverage ratio ~2.9x; company targets reduction to pre-acquisition levels in 2-3 quarters.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PATRICK INDUSTRIES INC entered into a asset purchase with Off Road Holdings, LLC valued at approximately $315 million (effective 2024-01-10).

Action: entry
Agreement: asset purchase
Counterparty: Off Road Holdings, LLC
Value: approximately $315 million
Effective: 2024-01-10

Exact text from the filing

On January 10, 2024, Patrick Industries, Inc. (the "Company") signed a definitive agreement to acquire all outstanding stock of Off Road Holdings, LLC ("Sportech") for approximately $315 million.

View on SEC.gov

197 material agreements filed in the last 30 days. Browse all material agreements →

PATRICK INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0000076605-24-000004

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.