Patrick Industries signs definitive agreement to acquire Sportech for $315M

Patrick Industries announced that it has signed a definitive agreement to acquire Sportech, for approximately $315M. The transaction is expected to close on or before January 24 and is subject to customary closing conditions and regulatory approval. Sportech, based in Elk River, Minnesota, is a leading designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket, including integrated door systems, roofs, canopies, bumpers, windshields, fender flares and cowls. With a focus on supplying premium components to the powersports industry, particularly the attractive utility vehicle segment of the market, Sportech recorded estimated calendar year 2023 revenue of approximately $255 million, resulting in a five-year compound annual growth rate of 17%. The acquisition is expected to be immediately accretive to profit margins and net income per share.