Patrick Industries, Inc. (NASDAQ: PATK) has finalized the acquisition of Diamondback Towers, LLC d/b/a Diamondback Marine, a Cocoa, Florida-based manufacturer of premium wakeboard/ski towers and accessories for marine OEMs. The transaction is projected to boost net income per share immediately. The company will continue to operate independently in its current premises under the Diamondback Marine moniker.
Patrick Industries has earned a reputation as a prominent producer of component solutions to the RV, marine, manufactured housing, and different industrial areas, including single and multi-family housing, hospitality, institutional, and commercial markets. Patrick is situated in Elkhart, Indiana, and employs over 11,000 people in the United States.
Patrick is excited to welcome Diamondback Marine to the Patrick family. Diamondback's industry connections, quality and service standards, and engineering and design capabilities are a perfect match for its full-service business and powerful brand portfolio. Its capacity development plans and automation methods are also in line with Diamondback's vision. Patrick Industries will provide the same financial and operational underpinning as past acquisitions, allowing Diamondback Marine to focus on its core capabilities.
Diamondback stated that its team is looking forward to working with Patrick and his independent brand attitude. Patrick's vast strategic resources and maritime sector presence will enable it to pursue its ideals and mission of delivering its customers with the finest quality, creative solutions.