Elkhart-based Patrick Industries buys local firm, Nickell Moulding

Patrick, also based in Elkhart, paid about $11 million in cash. Nickell’s full-year 2017 revenues are expected to be about $21 million.

“Nickell is an excellent fit with our entrepreneurial brand philosophy and this acquisition is well-aligned with our strategic initiatives and capital allocation strategy,” Patrick CEO Todd Cleveland said in the announcement of the deal Dec. 11.

Consistent with previous acquisitions, Patrick will support Nickell financially and operationally as a stand-alone business under its own brand name.

“After more than 36 years in business, we look forward to partnering with Patrick which is a natural fit with our value proposition to the various markets we serve. Our team is energized to continue to drive the business model to further expand our presence and grow our market share,” George Nickell, founder and president of Nickell, said in the statement.

The acquisition includes accounts receivable, inventory, and machinery and equipment, and was funded under the company’s existing credit facility.