Patrick Industries acquires SCI

ELKHART -- Patrick Industries Inc. announced this week the acquisition of Ligonier-based Structural Composites of Indiana Inc.

Patrick, which manufactures component products and distributes building products serving the RV and manufactured housing industry, acquired SCI because of its reputation as a high-quality manufacturer of large specialty fiberglass parts, according to a news release.

“SCI has an excellent long-standing reputation for innovative high-quality, low-defect designs, customized engineered fiberglass components, and customer service,” said Todd Cleveland, Patrick president and CEO, in the news release. “In addition, the acquisition of SCI will further enhance our position as an industry-leading supplier in the fiberglass and fiberglass components market, and afford us the opportunity to become a larger supplier to the RV, marine and other industrial markets.”

The net purchase price for SCI of about $20 million was funded under Patrick Industries’ existing credit facility, and includes the acquisition of accounts receivable, inventory and fixed assets. Patrick will continue to operate the business on a stand-alone basis under the SCI brand name in its two existing facilities.