Patrick Industries, Inc. announced that it has completed the acquisition of Elkhart, Indiana-based Alpha Systems, LLC, which is a manufacturer and distributor of component products and accessories, primarily serving the recreational vehicle industry. It also offers bonding solutions for 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.
Since 1984, Alpha has continued to expand and innovate, including in R&D, bringing an array of products and experience to Patrick Industries.
“We are extremely excited to partner with David Smith and the team at Alpha, whose premium brand offers 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 CEO of Patrick
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.
“Alpha’s broad array of products adds scale and complements our current portfolio offering with bolt-on product line extensions. In addition, their local footprint and well-respected sales and marketing team offer opportunities to expand our aftermarket presence, as well as our platform, brand, and distribution network,” added Nemeth.
David Smith III, CEO of Alpha, said: “The Alpha team and I are very pleased to join the Patrick family and continue the legacy of the business that my family founded over 37 years ago. 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.
Filed Under: Fastener industry news
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