secwatch.observer — SEC 8-K summary
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Issuer:     PATRICK INDUSTRIES INC (PATK)
CIK:        0000076605
Form:       8-K
Filed at:   2024-01-11T23:59:59+00:00
Accession:  0000076605-24-000004
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/76605/000007660524000004/0000076605-24-000004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/76605/000007660524000004/patk-20240110.htm
  HTML page:      https://secwatch.observer/filing/0000076605-24-000004

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