Patrick Industries completed the acquisition of Marine Accessories (MAC) and expanded the size of its credit facility to $900 million.
According to a related 8-K filing, Wells Fargo served as administrative agent for the credit facility, consisting of an $800 million revolver and a $100 million term loan. Wells Fargo, Merrill Lynch and KeyBank served as joint lead arrangers and joint bookrunners for the transaction.
The March 17, 2022 maturity date for borrowings under both the revolving credit facility and the term loan remains unchanged. The 2018 credit agreement continues to be secured by substantially all personal property assets of the company and any domestic subsidiary guarantors. The proceeds of the term loan and the revolving credit facility will be used to finance ongoing working capital needs of the company.
“The increased credit facility positions us with capacity and a strong financing foundation to continue to support the company’s long-term strategic initiatives and disciplined capital allocation strategy. We look forward to our continued partnership with our bank group as we execute on our strategic plan, with the ultimate goal of providing exceptional products and service to our customer base and driving shareholder value,” said Patrick President Andy Nemeth.
MAC is a manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market. Based in Maryville, TN, the company has eight manufacturing and distribution facilities located primarily in the U.S.
Elkhart, IL-based Patrick Industries is a manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, marine, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets.