Follow-on Offering

Industrial
Follow-on Offering

Summary

Baird served as an active bookrunning manager on this offering

About

Patrick Industries, Inc. (“Patrick” or the “Company”) (NASDAQ-GS: PATK) recently completed a follow-on offering of 1,350,000 common shares at a price of $73.00 per share, generating gross proceeds of approximately $98.6 million. The Company intends to use all of the net proceeds of this offering to pay down a portion of its outstanding indebtedness. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 202,500 shares of common stock from the Company.

Patrick is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 16 states. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures, fiberglass and plastic component products, softwoods lumber, interior passage doors, RV painting, and slotwall panels and components. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products. Patrick is headquartered in Elkhart, Indiana.
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Industrial
Follow-on Offering
Date
March 2017
Company
Patrick Industries, Inc.
Transaction
M&A
Sectors
Industrial
Target Location
North America

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