Patrick Industries announced the company’s acquisition of Taco Metals (Taco), a boating products manufacturer headquartered in Miami.
Taco manufactures products such as rub rail systems, tower components, outrigger systems, helm chairs and pedestals for OEMs in the recreational boating industry and related aftermarkets. The company has facilities in Tennessee and Florida, with distribution centers in those states along with South Carolina and Massachusetts.
Patrick projects Taco’s full-year 2020 revenues to be $40 million, with the acquisiton being immediately accreditive to net income per share.
“Taco is an innovative, single source solutions provider offering a comprehensive suite of products and accessories with tremendous brand value, a customer first approach and compelling aftermarket product lines,” Patrick President and CEO Andy Nemeth stated. “In addition, Taco is a recognized industry leader with a long-standing and diversified customer base, and possesses a full design and engineering support team, global supply chain and broad manufacturing capabilities. We are excited to partner with Jon, Bill and Mike Kushner and the entire Taco team in expanding our marine brand and aftermarket platform.”
The acquisition includes working capital and other assets, funded under Patrick’s credit facility. The company will continue to operate Taco on a stand-alone basis under its brand name in existing facilities.
“After more than 60 years as a family-owned business, my brothers and I are pleased to join the Patrick family to continue the legacy of the Taco brand and broaden our reach and product offerings in the markets we serve,” Taco President Jon Kushner stated. “Patrick’s strategic resources and marine industry presence will be an added value toward our ongoing commitment to deliver innovative, engineered products that reflect evolving customer preferences for integration, safety, comfort, convenience and technology.”
