Dbusiness- A Pontiac plywood company known for its service to the marine and recreational vehicle markets has been acquired by Patrick Industries Inc. of Elkhart, Ind., for an undisclosed amount.
A Pontiac plywood company known for its service to the marine and recreational vehicle markets has been acquired by Patrick Industries Inc. of Elkhart, Ind., for an undisclosed amount.
Inland Plywood is a premium supplier, laminator, and wholesale distributor of treated, untreated, and laminated plywood, medium density overlay panels, and other specialty products, primarily serving the marine market as well as the RV and industrial markets.
Inland had approximately $60 million in 2019 revenue. Patrick Industries expects the acquisition to be immediately accretive to net income per share.
In addition to its headquarters in Pontiac, Inland has a facility in Cocoa, Fla.
“We are extremely excited to partner with the Inland team who are recognized and respected market leaders with a tremendous brand and reputation for providing innovative and quality products to the marine, RV, and industrial markets, and for consistently delivering exceptional service to their customers,” says Andy Nemeth, president and CEO of Patrick Industries.
Nemeth adds that Inland’s integrated lean supply chain model offers its customers a one-stop solution for value-added plywood and specialty panel sourcing, warehousing and inventory management, customer service, and logistics.
“In addition, the deep industry knowledge and relationships that Inland’s team has developed coupled with their entrepreneurial spirit are an excellent fit with our culture, and we are thrilled to bring our two companies together as we continue to strive to serve our customers at the highest level,” Nemeth says. “Consistent with previous acquisitions, we will support Inland with a financial and operational foundation that will allow it to invest in and capitalize on its core competencies.”
Tim MacEachern, co-owner of Inland, says, “Our family started this business with core values centered around taking care of our team and our customers, and my brother Steve and I look forward to joining with the Patrick team to continue the legacy of the Inland brand and enhancing its value proposition to our customers and their growth strategies.”
The acquisition of Inland includes the acquisition of working capital, machinery and equipment, and real estate. Patrick will continue to operate Inland on a stand-alone basis under its brand name in its existing facilities.