Patrick Industries draws on credit facility to fund Collins purchase

By Tali Rackner

Minneapolis, March 19 – Patrick Industries, Inc. used borrowings under its existing credit facility to fund its acquisition of the business and some assets of Collins & Co., Inc., according to a press release.

The total cash consideration paid was about $36.5 million.

The acquisition included the acquisition of accounts receivable, inventory, prepaid expenses and machinery and equipment.

Patrick said in the release that it will continue to operate Collins on a stand-alone basis under its brand name in its three existing facilities.

Patrick Industries is an Elkhart, Ind.-based manufacturer and distributor of component products for the recreational vehicle, manufactured housing and marine industries. Collins is a Bristol, Ind.-based distributor of appliances, trim products, fuel systems, flooring, tile and other materials primarily for the recreational vehicle market as well as the housing and industrial markets.

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