Patrick Industries, Inc. announced it has completed the acquisition of Taco Metals, a leading 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.
Taco is headquartered in Miami, Florida, with manufacturing facilities in Tennessee and Florida, and distribution centers in Tennessee, Florida, South Carolina and Massachusetts. The company 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 Chief Executive Officer of Patrick. “In addition, Taco is a recognized industry leader with a long-standing and diversified customer base possessing a full design and engineering support team, global supply chain, and broad manufacturing capabilities. 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.