Patrick Industries Inks Agreement To Acquire Sportech

(RTTNews) - Patrick Industries, Inc. (PATK) on Thursday announced that it is set to acquire Sportech, LLC, a high-value, complex component solutions designer and manufacturer for power sports OEMs, for a sum of approximately $315 million.

The company's current credit facility and cash on hand will be used to finance the all-cash deal.

The sale is anticipated to close on January 24, 2024, at the latest, pending customary closing conditions and regulatory approval.

Following the acquisition, Sportech will continue to conduct business under the Sportech name as a fully-owned subsidiary of Patrick Industries. This acquisition is expected to boost Patrick's profit margins and net income per share.