Patrick Industries Inc. announced it has completed the acquisition of TACO Metals, LLC, a manufacturer of boating products including rub rail systems, canvas and tower components, sport fishing and outrigger systems, helm chairs and pedestals, and specialty hardware for leading OEMs in the recreational boating industry and the related aftermarket.
TACO is headquartered in Miami, FL with manufacturing facilities in Tennessee and Florida and distribution centers in Tennessee, Florida, South Carolina and Massachusetts.
Patrick Industries, based in Elkhart, IN, projects TACO’s full-year 2020 revenues to be approximately $40 million and expects the acquisition to be immediately accretive to net income per share.
“TACO is an innovative, single-source solutions provider offering a comprehensive suite of products and accessories with tremendous brand value, a customer-first approach and compelling aftermarket product lines,” said Andy Nemeth, president and CEO of Patrick.
He added, “We are excited to partner with Jon, Bill and Mike Kushner and the entire TACO team in expanding our marine brand and aftermarket platform. Consistent with previous acquisitions, we will support TACO with a financial and operational foundation that will allow it to continue to capitalize on its core competencies while preserving the entrepreneurial spirit and brand that have been so important to its success.”
Jon Kushner, president of TACO, said, “After more than 60 years as a family-owned business, my brothers and I are pleased to join the Patrick family to continue the legacy of the TACO brand and broaden our reach and product offerings in the markets we serve. Patrick’s strategic resources and marine industry presence will be an added value toward our ongoing commitment to deliver innovative, engineered products that reflect evolving customer preferences for integration, safety, comfort, convenience and technology.”
The acquisition of TACO includes the acquisition of working capital and other assets and was funded under the company’s credit facility. Patrick will continue to operate TACO on a stand-alone basis under its brand name in its existing facilities.