Patrick Industries has completed the acquisition of Elkhart, Indiana-based Alpha Systems, a manufacturer and distributor of component products and accessories, primarily serving the recreational vehicle ("RV") industry, in addition to the manufactured housing, commercial building and marine markets.
Alpha's major product categories include adhesives and sealants, roofing membranes for RVs, roto/blow and injection molded products, butyl tape, shutters and various other parts and accessories.
Alpha's trailing 12-months revenue through March 2021 was approximately $158 million, and the acquisition is expected to be immediately accretive to earnings per share.
Adhesive & Sealants for RVs
"We are extremely excited to partner with David Smith and the team at Alpha, offering both new product entry points into the end markets we serve and the opportunity to continue to bolster our competitive edge through the utilization of Alpha's capacity, advanced technology, and extensive R&D capabilities," said Andy Nemeth, president and chief executive officer of Patrick.
Alpha's broad array of products adds scale and complements Patrick’s portfolio offering with bolt-on product line extensions. In addition, their local footprint and well-respected sales and marketing team offer opportunities to expand Patrick’s aftermarket presence as well as the company platform, brand, and distribution network.
Consistent with previous acquisitions, Patrick will support Alpha with a financial and operational foundation that will allow Alpha to continue to capitalize on its core competencies while preserving the entrepreneurial spirit and brand.
David Smith III, CEO of Alpha, said, "The Alpha team and I are very pleased to join the Patrick family. We look forward to partnering with Patrick whose culture, industry expertise, and customer-centric approach are a natural fit with the core values, competencies and relationships that Alpha has built over the last four decades."
The business will continue to operate on a stand-alone basis under the Alpha name in its existing manufacturing facilities.
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