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Company Description

Contact Info

107 West Franklin Street

PO Box 638

Elkhart, IN 46515

United States

Phone: 574-294-7511

Fax: 574-522-5213

Patrick Industries, Inc. operates as a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industries. The company supplies certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets. The company manufactures various products, including decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures, fiberglass and plastic component products, including front and rear caps and marine helms, softwoods lumber, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components, among others. The company is an independent wholesale distributor of pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, cement siding, fiber reinforced polyester (FRP) products, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products. The company has a nationwide network of manufacturing and distribution centers for its products. Approximately 80% of the company’s consolidated net sales in 2015, were decorative interior products and components, consisting primarily of manufactured panels, mouldings and trim, hardwood and pressed doors, furniture and fascia, countertops, and fiberglass products. Strategy The key elements of the company’s strategy are strategic acquisitions and expansion; and diversification into other markets. Branding The company’s primary product brands include Adorn (Adorn Holdings, Inc.), Custom Vinyls, Patrick Distribution, AIA Countertops, Quest Audio Video, Interior Components Plus, Gravure Ink, Praxis Group, Infinity Graphics, Decor Manufacturing, Gustafson Lighting, Creative Wood Designs, Middlebury Hardwood Products, Frontline Manufacturing, Premier Concepts, West Side Furniture, Precision Painting, Carrera Custom Painting, Millennium Paint, Foremost Fabricators, PolyDyn3 (PolyDyn3, LLC), Charleston (Charleston Corporation), Better Way Products, SCI (Structural Composites of Indiana, Inc.) and North American (North American Forest Products, Inc. and its wholly owned subsidiary, North American Moulding, LLC). In addition, its industrial markets sector cross sells existing product lines and launches new products that are targeted to serve consumer-driven channels under the Decorative Dynamics brand name. Markets Majority of the company’s core manufacturing products, including paper/vinyl laminated panels, shelving, drawer-sides, high-pressure laminated panels, solid surface, granite, and quartz countertops; cut to size products; and fiberglass and plastic components are utilized in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets . Marketing and Distribution The company’s sales are to RV and MH manufacturers and other industrial products manufacturers. It has approximately 800 active customers. The company's RV products include consolidated sales to two major manufacturers of RVs that each account for over 10% of its consolidated net sales - Forest River, Inc., a Berkshire Hathaway Company (Forest River) and Thor Industries, Inc. (stock symbol: THO) (Thor). For the year ended December 31, 2015, its combined sales to the operating subsidiaries of Forest River and Thor, on a consolidated basis, accounted for 55% of its consolidated net sales, respectively. Seasonality Manufacturing operations in the RV and MH industries historically have been seasonal and generally have been at their highest levels when the climate is moderate. Accordingly, the company’s sales and profits had generally been the highest in the second and third quarters (year ended December 31, 2015). Seasonal industry trends in the past several years have included the impact related to the addition of major RV manufacturer open houses for dealers to the September timeframe, whereby dealers are delaying purchases until new product lines are introduced at these shows. This has resulted in seasonal softening in the RV industry beginning in the third quarter and extending through October, and when combined with the company’s increased concentration in the RV industry, led to a seasonal trend pattern in which the company achieves its strongest sales and profit levels in the first half of the year. Regulation and Environmental Quality The company is certified to sell Forestry Stewardship Council materials to its customers at certain of its manufacturing branches. History Patrick Industries, Inc. was founded in 1959. The company was incorporated in Indiana in 1961.

 

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Valuation PK2 Industry Range
Price/Earnings 21.9x
Price/Sales 1.0x
Price/Book 7.0x
Price/Cash Flow 17.8x
TEV/Sales 0.7x
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