M&A Deal Summary

Patrick Acquires Better Way Partners

On February 17, 2015, Patrick acquired manufacturer Better Way Partners from The Ellis Company for 40M USD

Acquisition Highlights
  • This is Patrick’s 1st transaction in the Manufacturing sector.
  • This is Patrick’s 7th largest (disclosed) transaction.
  • This is Patrick’s 20th transaction in the United States.
  • This is Patrick’s 12th transaction in Indiana.

M&A Deal Summary

Date 2015-02-17
Target Better Way Partners
Sector Manufacturing
Buyer(s) Patrick
Sellers(s) The Ellis Company
Deal Type Divestiture
Deal Value 40M USD

Target

Better Way Partners

New Paris, Indiana, United States
Better Way Products is a manufacturer of fiberglass and composite resin products to the RV and marine industry. Vacuum bagging and RTM light are also utilized.

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Buyer(S) 1

Buyer

Patrick

Elkhart, Indiana, United States

Category Company
Founded 1959
Sector Building Materials
Employees10,000
Revenue 3.5B USD (2023)
DESCRIPTION
Entrance to Patrick Industries' corporate headquarters in Elkhart, Indiana.
Entrance to Patrick Industries' corporate headquarters in Elkhart, Indiana.

Patrick is a manufacturer of building products and materials to the manufactured housing and recreational vehicle industries. The Company also supplies many of its products to the Industrial market that include customers in the kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, architectural and the automotive aftermarket. Patrick was founded 1959 and is based in Elkhart, Indiana.


DEAL STATS #
Overall 20 of 61
Sector (Manufacturing) 1 of 13
Type (Divestiture) 3 of 5
State (Indiana) 12 of 32
Country (United States) 20 of 61
Year (2015) 1 of 3
Size (of disclosed) 7 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-10 Charleston

Bremen, Indiana, United States

Charleston Corp. is a manufacturer of fiberglass and plastic components primarily used in the recreational vehicle ("RV"), marine, and vehicle aftermarket industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-26 Structural Composites of Indiana

Ligonier, Indiana, United States

Structural Composites of Indiana, Inc. is a fiberglass manufacturer of custom molded large front and rear caps and roofs, primarily to the recreational vehicle ("RV") market, and specialty fiberglass components for the transportation, marine and other industrial markets.

Buy $20M

Seller(S) 1

SELLER

The Ellis Company

Fort Wayne, Indiana, United States

Category Private Equity Firm
Founded 1996
Size Small
Type Sector Agnostic
DESCRIPTION

The Ellis Company is a private investment firm focused on acquiring established, profitable businesses located in the upper Midwest (within 150 miles of Fort Wayne, Indiana). Ellis targets companies with annual revenues of $5 to $50 million and consistent cash flows. The Firm prefers businesses in basic industries with low-tech product lines. Ellis will not invest in start-ups, turnarounds or venture capital deals. The Ellis Company was formed in 1996 and is based in Fort Wayne, Indiana.


DEAL STATS #
Overall 1 of 2
Sector (Manufacturing) 1 of 1
Type (Divestiture) 1 of 1
State (Indiana) 1 of 2
Country (United States) 1 of 2
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Hudson Aquatic

Angola, Indiana, United States

Hudson Aquatic is a provider of aquatic physical therapy equipment market. Hudson manufactures and markets a wide variety of hydrotherapy products for both the human and animal market. Hudson Aquatic was formed in 2010 and is based in Angola, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Safe-Way Door

Warsaw, Indiana, United States

Safe-Way Door is a manufacturer and distributor of residential, commercial, and industrial overhead garage doors. The company has a relentless commitment to the customer experience and provides superior value through its product quality, lead times, and customization capabilities. Safe-Way Door was established in 1950 and is based in Warsaw, Indiana.

Sell -