Patrick Industries has completed its previously announced $315 million acquisition of Sportech LLC, designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket.
“This acquisition helps to solidify our presence as a key component solutions supplier to the Powersports market and aftermarket and extends the runway for us to continue to drive our strategic growth plan in alignment with our Outdoor Enthusiast vision,” said Andy Nemeth, Patrick CEO. “We are very excited to officially welcome Sportech to the Patrick family of brands.”
In connection with the acquisition, the company expects to record one-time, non-recurring pre-tax charges in the first quarter of 2024 of around $7 million related to transaction fees and non-cash purchase accounting adjustments.
Sportech had an estimated yearly revenue of $255 million in 2023. The company will continue is operations as a wholly owned subsidiary of Patrick under the Sportech name and within its existing facilities.