Patrick Industries, Inc. signed a definitive agreement under which Arizona-based Rockford Corporation will become a wholly owned subsidiary of Patrick by merger.
Rockford, through its brand Rockford Fosgate, is a global designer and distributor of high-performance audio systems and components. The company primarily serves the powersports, marine, and automotive markets and aftermarkets. Rockford’s full-year 2021 revenues were approximately $155 million. The acquisition is anticipated to close on or around March 7.
Patrick CEO Andy Nemeth said Rockford’s designs, marketing, brand recognition and performance made it a favored OEM and consumer supplier. He pointed to the audio supplier’s track record of adapting to changing market dynamics, in-house design, engineering and marketing resources as a good opportunity to expand Patrick’s aftermarket product platform.
“We are excited to partner with Bill Jackson and the creative team at Rockford as we expand our presence in the audio solutions markets,” Nemeth said. “As with previous acquisitions, we will support Rockford with a financial and operational foundation that will allow it to continue to capitalize on its core competencies.”
Bill Jackson, Rockford president and CEO said Patrick Industries’ vision aligns with Rockford’s goal of providing high quality, innovative solutions to customers.
“We look forward to the next phase of executing the many strategic initiatives and opportunities in front of us,” Jackson said. “Patrick’s core values, competencies, relationships and strong focus on customer service mirror the mission that has been a cornerstone of the Rockford brand since its inception more than 40 years ago. We are committed to growing our capacity and capabilities as we strive to be the best partner for our customers.”
After closing, Rockford will continue its operations as a wholly-owned subsidiary of Patrick under the Rockford Fosgate name in its existing facilities.
