FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

Wells Fargo, Others Expand Patrick Industries Facility to $165MM

November 11, 2014, 07:33 AM
Filed Under: Manufacturing

Patrick Industries, Inc. has completed the acquisition of the business and certain assets of Bremen, Indiana-based Charleston Corporation ("Charleston"). Charleston is a manufacturer of fiberglass and plastic components primarily used in the recreational vehicle ("RV"), marine, and vehicle aftermarket industries. The Company estimates Charleston's 2014 annual revenues to be approximately $20 million and expects the acquisition to be accretive to 2015 net income per share.

Following the closing of the Charleston acquisition, the company entered into a fifth amendment, dated November 7, 2014, to its current five-year $125 million revolving secured senior credit facility, as amended, that was initially established on October 24, 2012 (the "2012 Credit Facility") with Wells Fargo Bank, National Association as the agent and lender ("Wells Fargo") and Fifth-Third Bank ("Fifth-Third") as participant. The fifth amendment expands the 2012 Credit Facility to $165 million and adds Key Bank as a participant.

"Following the completion of the Charleston acquisition, as well as the acquisition of Foremost Fabricators, LLC in June, we felt that it was important to expand our credit facility to provide increased availability, as well as a strong financing platform to support the Company's strategic initiatives, capital allocation strategy, future organic and acquisition-related growth needs, and ongoing working capital requirements. In addition, we look forward to further solidifying our continued partnership with Wells Fargo and Fifth-Third and welcoming our new partnership with Key Bank, as we strive to continue to achieve the deliverables under our strategic plan," stated Mr. Cleveland.

Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in  ten states.







Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.