Patrick Industries, Inc. completed the acquisitions of Indiana-based Williamsburg Marine LLC and Williamsburg Furniture, Inc., a manufacturer of marine and motorized RV seating.
Williamsburg’s aggregate trailing 12-months revenue through October 2021 was $41 million, and Patrick stated the acquisitions are expected to be immediately accretive to net income per share.
Andy Nemeth, Patrick CEO, said Patrick is excited to partner with the creative teams at Williamsburg, led by Gus Feiler, to produce customized seating products.
“These acquisitions are an excellent fit with our entrepreneurial philosophy, while providing us the opportunity to continue to better serve our customers,” Nemeth said. “As with previous acquisitions, we will support Williamsburg with a financial and operational foundation that will allow it to continue to capitalize on its core competencies.”
Gus Feiler, Williamsburg president and founder, said his team are excited to join Patrick because of its strategic resources and broad marine and RV industry presence.
“We are committed to growing our capacity and capabilities,” Feiler said, “as we strive to be the best partners for our customers in the markets we serve.”
The Williamsburg businesses will continue to operate on a stand-alone basis under their respective brand names in their existing facilities.
