RVIA Economic Impact Study

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 .

Patrick Industries Acquires Nickell Mouldings

Mon Dec 11, 2017

145677893217453.pngELKHART, Ind.—Patrick Industries Inc. announced it has completed the acquisition of the business and certain assets of Elkhart, Indiana-based Nickell Moulding Company Inc., a custom manufacturer of hardwood and wrapped mouldings and trim, custom wood frames and door components for the recreational vehicle, retail and hospitality, manufactured housing and other markets.

The company projects Nickell's full-year 2017 revenues to be about $21 million. The total cash consideration paid was about $11 million and Patrick Industries expects the acquisition to be immediately accretive to 2017 net income per share.

"Nickell's position as a high-quality national supplier of custom mouldings and frames complements our existing hardwoods expertise and product offerings, providing us with the opportunity to increase our RV and MH content per unit and leverage our capabilities in three of our core markets," Patrick CEO Todd Cleveland says. “Nickell is an excellent fit with our entrepreneurial brand philosophy and this acquisition is well-aligned with our strategic initiatives and capital allocation strategy."

"Nickell has continually invested in technology to stay at the forefront of process and quality improvement, and is well-known for its state-of-the-art design and custom manufacturing capabilities and excellent customer and supplier relationships," Patrick President Andy Nemeth says. “Consistent with previous acquisitions, we will support Nickell 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."

"After more than 36 years in business, we look forward to partnering with Patrick which is a natural fit with our value proposition to the various markets we serve,” Nickell Founder and President George Nickell says. “Our team is energized to continue to drive the business model to further expand our presence and grow our market share."

The acquisition of Nickell included the acquisition of accounts receivable, inventory and machinery and equipment, and was funded under the company's existing credit facility. Patrick will continue to operate Nickell on a stand-alone basis under its brand name in its existing facility.