Patrick Industries, Inc. entered into a definitive agreement to acquire Sportech, Inc. from Monomoy Capital Partners III, L.P. a fund managed by Monomoy Capital Management, L.P. for approximately $320 million.
January 10, 2024
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Patrick Industries, Inc. (NasdaqGS:PATK) entered into a definitive agreement to acquire Sportech, Inc. from Monomoy Capital Partners III, L.P. a fund managed by Monomoy Capital Management, L.P. for approximately $320 million on January 10, 2024. The all-cash transaction will be funded under the Company?s existing credit facility and cash on hand. Following closing, Sportech will continue its operations as a wholly owned subsidiary of Patrick under the Sportech name and within its existing facilities.
The acquisition of Sportech is expected to be immediately accretive to profit margins and net income per share. Baird acted as an exclusive financial advisor and Michael Sartor, David Towarnicky, Jared Rusman, Steven Ort, Louis Hernandez, John Kefer, Stephen Brecher, Robert Zitko, Evangelia Podaras, Adam Petravicius, James Dolphin, Jennifer Sheehan, Jacob Clark, Luci Hague, Mike Thorpe and James Mutchnik of Kirkland & Ellis LLP served as legal counsels to Sportech and Monomoy with respect to the transaction. Transaction is subject to customary closing conditions, including regulatory approval and is expected to close on or before January 24, 2024.
Patrick Industries, Inc. is a component solutions provider for the recreational vehicle (RV), marine, powersports and housing markets. The Companyâs segments include Manufacturing, which offers laminated products for furniture, shelving, walls and countertops; decorative vinyl, wrapped vinyl, paper laminated panels and vinyl printing; solid surface, granite and quartz countertops; fabricated aluminum products; and other products, and Distribution segment, which provides pre-finished wall and ceiling panels, drywall and drywall finishing products, interior and exterior lighting products, wiring, electrical and plumbing products, transportation and logistics services and other products. It operates through a network that includes approximately 179 manufacturing plants and 62 warehouse and distribution facilities located in 23 states with presence in Mexico, China, and Canada. It also serves original equipment manufacturers (OEMs), and various other industrial markets.
Patrick Industries, Inc. entered into a definitive agreement to acquire Sportech, Inc. from Monomoy Capital Partners III, L.P. a fund managed by Monomoy Capital Management, L.P. for approximately $320 million.
PATRICK INDUSTRIES, INC. 
