Marriott & Co. Serves as Exclusive Financial Advisor to Indiana Transport, Inc.
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Indiana Transport, Inc. (“Indiana Transport” or the “Company”) in its sale to Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick”). Patrick will continue to operate the business on a stand-alone basis under the Indiana Transport brand name in its existing facilities. The transaction closed on November 1, 2017.
Founded in 2009 in Elkhart, IN, Indiana Transport is a leading transportation and logistics service provider primarily to original equipment manufacturers (“OEMs”) and dealers in the recreational vehicle (“RV”) market. The Company utilizes independently contracted drivers to haul travel trailers, fifth wheels, gooseneck trailers and utility trailers from RV OEM plants to dealer lots across the country. In addition, over the last several years, Indiana Transport has expanded its service offerings to include the transportation of recreational watercraft. The Company projects full-year 2017 revenues to be approximately $100 million.
“Indiana Transport has quickly evolved into an industry-leading transportation service provider to the RV industry,” said Todd Cleveland, Chief Executive Officer of Patrick. “Its success is built around its customer-centric focus, quick turnaround times, cutting-edge information technology platform, and the value of its superior service. Indiana Transport, whose diverse customer base includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses throughout the continental U.S. and Canada, represents an attractive growth opportunity that complements our strategic initiatives in the RV and marine markets.”
“This acquisition will provide Patrick with the ability to partner with Indiana Transport’s team, its talent, logistics expertise and resources to establish a leading RV transportation operation,” said Andy Nemeth, President of Patrick. “In addition we have the opportunity to establish new relationships with major RV and marine dealers as an extension of our value proposition to these markets while further increasing our content per unit in the RV and marine spaces. Consistent with previous acquisitions, we will support Indiana Transport with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”
Charlie Roeder, President and one of the founders of Indiana Transport, said, “Patrick is a great fit for our operation and for our customers and will be a valued resource in the further growth of the Indiana Transport brand, both within our core towables market and in non-RV markets. Our team is extremely excited to partner with the Patrick organization which shares the same vision of striving to provide superior service with a customer-first approach and will help us to continue to expand our business with our existing customers as well as new dealers and manufacturers.”
Justin Marriott, Managing Director of Marriott & Co., said, “We truly enjoyed working with Charlie and the rest of the Indiana Transport team. This is a fantastic outcome for the Company, and I believe the transaction with Patrick positions Indiana Transport very well for continued future success.”
Added Charlie Roeder, “I would like to thank the Marriott & Co. team for their hard work and professional guidance throughout the transaction process. Justin, Bryan and the rest of the Marriott & Co. team did exactly what they said they would do when we hired them. They were hands-on, responsive, and crucial to achieving this great result for our company.”
About Indiana Transport, Inc.:
Headquartered in Elkhart, IN, Indiana Transport is a leading transportation and logistics service provider primarily to original equipment manufacturers (“OEMs”) and dealers in the recreational vehicle (“RV”) market. The Company utilizes independently contracted drivers to haul travel trailers, fifth wheels, gooseneck trailers and utility trailers from RV OEM plants to dealer lots across the country. In addition, over the last several years, Indiana Transport has expanded its service offerings to include the transportation of recreational watercraft. For more information, please visit www.indianatransport.com.
About Patrick Industries, Inc.:
Patrick Industries, Inc. (NASDAQ: PATK) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, marine, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast through locations in 19 states. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile moldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, fiberglass and plastic helm systems and component products, wiring and wire harnesses, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. 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. For more information, please visit www.patrickind.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising privately-held companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Contact: Justin Marriott
Phone: (804) 344-0952
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