The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Tue Sep 5, 2017
Elkhart, Ind. — Patrick Industries Inc. (NASDAQ: PATK) announced today it has completed the acquisition of the business and certain assets of Baymont Inc., a manufacturer and supplier of fiberglass showers, tubs, and tile systems for the manufactured housing and industrial markets. Baymont operates out of multiple manufacturing facilities in Golden, Mississippi, and projects 2017 annual revenues of approximately $8 million. The purchase price for Baymont was $3.4 million plus contingent consideration based on future performance. The Company expects the acquisition to be accretive to 2018 net income per share.
"Baymont is recognized as a high-quality and trusted designer, engineer and manufacturer of bath fixtures, including fiberglass showers and tubs, and its patented prefabricated tile wall system has applications in both the motorhome and residential housing markets," said Todd Cleveland, Chief Executive Officer of Patrick. "Baymont represents a continued growth opportunity that complements our strategic expansion initiatives in the motorhome market."
"The acquisition of Baymont will expand Patrick's geographic footprint and fiberglass manufacturing capacity and capabilities in the Southeast where there is significant growth potential as well as provide opportunities to better serve our customers in the motorhome and residential housing markets," said Andy Nemeth, President of Patrick. "In addition, the operational talent and expertise of the Baymont team will allow us to capitalize on product synergies, including expanding Baymont's existing fiberglass and tile product portfolio into the recreational vehicle, marine and other markets. Consistent with previous acquisitions, we will support Baymont with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success."
Mike Stockton, President of Baymont, said, "Patrick is a great fit for our operation and for our customers. After more than 16 years in business, our team is excited to partner with the Patrick organization whose vast portfolio of products and resources and customer first approach will help to further grow the Baymont brand and bring a variety of product solutions, resources, and capacity to our customers and markets."
The acquisition of Baymont included the acquisition of inventory and machinery and equipment, and was funded under the Company's existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the Baymont brand name in its existing facilities.