Patrick Industries makes another purchase

ELKHART –– Patrick Industries, which earlier this month purchased Precision Painting Inc., announced another major acquisition Friday — Goshen-based Foremost Fabricators.

Foremost produces and distributes fabricated aluminum products, fiber-reinforced polyester sheet and coil, and custom laminated products primarily used for recreational vehicles.

The net purchase price for Foremost of about $45 million includes the acquisition of accounts receivable, inventory, prepaid expenses, as well as machinery and equipment.

According to the release, Patrick will continue to operate the business on a stand-alone basis under the Foremost brand name.

Patrick Industries estimates Foremost’s 2014 annual revenues to be about $75 million.

“The acquisition of Foremost, which is recognized as the industry leader in the laminated and fabricated roll formed aluminum product lines primarily used for exterior sidewalls in the RV market, will help us to bring new value added product lines to our customer base,” said Todd Cleveland, president and chief executive officer of Patrick.

Bud Stout, chief executive officer and founder of Foremost, called the move a “natural fit” for Foremost.

“And the additional manufacturing and distribution expertise and financial resources that they bring can help propel Foremost to the next level,” said Stout, who also announced his retirement in the release.

About 125 people work at Foremost.

“We had seven owners and four of them were nearing retirement,” said Gary Stanley, president of Foremost. “It was a normal, natural timetable for them to move on and for us to continue growing with a company like Patrick.”

Coupled with the acquisition of Precision Painting earlier this month, Elkhart-based Patrick Industries now will have nearly 2,900 employees nationwide.

Patrick Industries also announced Friday that it expanded its current five-year revolving senior credit facility to $125 million.