Patrick Industries announced today that it has signed a definitive agreement under which Arizona-based Rockford Corporation will become a wholly-owned subsidiary of Patrick by merger.
Rockford’s full-year 2021 revenues were approximately $155 million, and the acquisition is expected to immediately add to Patrick’s net income per share. Patrick expects to complete the acquisition on or around March 7.
Following closing, Rockford will operate as a subsidiary under the name Rockford Fosgate through its existing facilities.
“Rockford’s innovative designs, marketing, brand recognition and performance have afforded it the opportunity to be a favored supplier with both OEM customers and consumers,” said Andy Nemeth, Chief Executive Officer of Patrick. “We are excited to partner with Bill Jackson and the creative team at Rockford as we expand our presence in the audio solutions markets.
He added, “As with previous acquisitions, we will support Rockford with a financial and operational foundation that will allow it to continue to capitalize on its core competencies.”
Bill Jackson, President and Chief Executive Officer of Rockford, said, “The Rockford team and I are delighted to join the Patrick family, whose vision aligns with our goal of providing the highest quality, innovative solutions to our customers. We look forward to the next phase of executing the many strategic initiatives and opportunities in front of us. Patrick’s core values, competencies, relationships and strong focus on customer service mirror the mission that has been a cornerstone of the Rockford brand since its inception more than 40 years ago. We are committed to growing our capacity and capabilities as we strive to be the best partner for our customers.”
See also CEoutlook report on the sale here.
See the full press announcement here.
