Patrick Industries, Inc. Finalizes Acquisition of Medallion Instrumentation Systems, Enhancing Market Reach

Patrick Industries, Inc. Completes Acquisition of Medallion Instrumentation Systems

In a significant strategic expansion, Patrick Industries, Inc. (NASDAQ: PATK), a leading player in component solutions for various outdoor markets, has finalized its acquisition of Medallion Instrumentation Systems, LLC, based in Spring Lake, Michigan. This acquisition marks an important step for Patrick as it aims to enhance its offerings in customized instrumentation and vehicle electronics, specifically catering to the marine, RV, powersports, on-highway, and military markets.

Expanding Capabilities

Medallion Instrumentation Systems has established itself as a premier provider in the instrumentation sphere, developing tailored solutions that meet the nuanced demands of consumers. The engineering team at Medallion specializes in complete system solutions, which include digital switching, lighting controls, integrated audio systems, sensor products, wire harnessing, gauges, and LCD touchscreen displays. With revenue projections for 2024 at approximately $38 million, Medallion represents a vital addition to Patrick’s expanding portfolio.

Leadership Remarks

Andy Nemeth, CEO of Patrick Industries, expressed enthusiasm over the acquisition. He stated, “We are thrilled to welcome the entire Medallion team to the Patrick family as we further our mission of delivering comprehensive solutions to our customers. The growing demand for digital switching and customized displays among outdoor enthusiasts complements our existing product lines, thus creating a robust integrated technology offering tailored to customer specifications.” Nemeth emphasized that the collaboration merges Patrick's strong mechanical expertise with Medallion's innovative engineering and market understanding, presenting a unique opportunity for growth in the marine, powersports, and RV sectors.

Jeff Sands, CEO of Medallion, shared his excitement over the partnership, stating that the team is energized by joining forces with Patrick. “Our mission has always been to provide high-quality solutions tailored to customer needs. Joining Patrick unlocks new opportunities for both our existing products and untapped markets where we currently have less penetration,” Sands remarked.

Continuity in Operations

As per usual protocol in acquisitions, Medallion will continue to operate under its existing name and will maintain its operations at its current facility. This continuity ensures that Medallion’s loyal client base will receive the same level of quality and service they have come to expect, while also benefiting from the increased resources and expertise available through Patrick Industries.

About Patrick Industries, Inc.

Founded in 1959, Patrick Industries, Inc. has established itself as a leading component solutions provider. Operating in the RV, marine, powersports, and housing markets, Patrick has empowered manufacturers and outdoor enthusiasts by offering superior recreational experiences. With over 85 renowned brands under its umbrella, Patrick's dedication to quality, innovative customer service, and comprehensive solutions continues to set industry standards. Headquartered in Elkhart, Indiana, the company boasts a workforce of approximately 10,000 skilled employees across the country. Those interested in learning more about Patrick Industries and its wide range of offerings can visit their website at www.patrickind.com.

Conclusion

As industry dynamics shift towards digital solutions, Patrick Industries' acquisition of Medallion Instrumentation Systems positions itself strategically to meet evolving consumer demands while enhancing its product offerings. This move not only strengthens Patrick's market presence but also highlights its commitment to innovation and customer satisfaction within the outdoor enthusiast segment.