Patrick Industries Inc. has completed the acquisition of Medallion Plastics Inc. and has expanded its line of credit.
Medallion, located in Elkhart, is a designer, engineer and manufacturer of thermoformed products for the recreational vehicle market for the automotive, specialty transportation and other industrial markets, according to the company.
Medallion’s fiscal 2016 revenue was approximately $20 million. Patrick Industries paid approximately $10 million for Medallion, according to the company.
“This acquisition represents a continued growth opportunity in combination with Patrick’s current thermoforming portfolio of companies and will allow us to capitalize on product synergies in adjacent markets,” said Todd Cleveland, CEO of Patrick.
Patrick will continue to operate the business on a stand-alone basis under the Medallion brand name in its four existing facilities.
Patrick also expanded its credit line to $450 million from $360 million. In addition, the maturity date for the credit facility was extended to March 17, 2022 from April 28, 2020, according to the company.
Patrick Industries Inc. is a 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.