Patrick Industries buys Creative Wood for $5.7M
ELKHART, Ind. (AP) — Patrick Industries Inc. said Friday that it has completed its purchase of Creative Wood Designs Inc., a maker of hardwood furniture for RVs, for $5.7 million.
Patrick Industries said Creative Wood should have about $18 million in revenue in 2012 and will immediately add to its net income. The purchase price includes a potential payment based on Creative Wood's future performance.
Patrick Industries makes parts and building products for the RV, manufactured housing, kitchen cabinet, household furniture, and other markets. The purchase of Creative Wood, based in Ligonier, Ind., marks Patrick's third acquisition this year. Creative Wood will continue to operate on a stand-alone basis.
Shares of Patrick Industries jumped $1.02, or 7.5 percent, to close at $14.61 on Friday.