Patrick Industries will acquire Sportech LLC, a powersports, aftermarket and OEM supplier. The deal is set to close Jan. 24.
Patrick said the Elk River, Minnesota-based Sportech will expand Patrick’s product variety.
Patrick CEO Andy Nemeth said, “Sportech offers a solid platform for future organic and strategic growth within the powersports market, enabling us to continue to accelerate our momentum in the attractive outdoor enthusiast space, where we have industry-leading platforms in the RV and marine markets and see a clear pathway to revenue and cost synergies.”
Once acquired, Sportech will continue to operate as a wholly-owned Patrick subsidiary. The company will keep the Sportech name and facilities.
Sportech CEO Jim Glomstad said, “We are confident we can continue to build on our current relationships and expand the portfolio of products and solutions we offer in partnership with our OEM customers while increasing our market share and becoming a valued contributor to Patrick’s vision for its outdoor enthusiast ecosystem.”
