TACO Metals, a leading manufacturer of boating accessories, including those for the sport fishing industry, has been acquired Patrick Industries.
Headquartered in Miami, Florida, and with distribution centres in Tennessee, Florida, South Carolina and Massachusetts, TACO’s full-year 2020 revenues are expected to be approximately $40m.
“TACO is an innovative, single-source solutions provider offering a comprehensive suite of products and accessories, with tremendous brand value, customer-first approach and compelling after-market product lines,” said Andy Nemeth, President and CEO of Patrick. “It is a recognised industry leader with a long established and diverse customer base and possesses a full design and engineering support team, global supply chain and broad manufacturing capabilities.
“We are excited to partner with Jon, Bill and Mike Kushner and the entire TACO team in expanding our marine brand and after-market platform. Consistent with previous acquisitions, we will support TACO with a financial and operational foundation that will allow it to continue to capitalise on its core competences while preserving the entrepreneurial spirit and brand that have been so important to its success.”
Jon Kushner, President of TACO, added: “After more than 50 years as a family-owned business, my brothers and I are pleased to join the Patrick family to continue the legacy of the TACO brand and broaden our reach and product offerings in the markets we serve. Patrick’s strategic resources and marine industry presence will be an added value toward our ongoing commitment to deliver innovative, engineered products that reflect the evolving customer preferences for integration, safety, comfort, convenience and technology.”
The acquisition of TACO includes the working capital and other assets and was funded by Patrick’s credit facility. Patrick will continue to operate TACO as a stand-alone business under its brand name in its existing facilities.
Patrick Industries was founded in 1959 and is the leading manufacturer of building products and materials to the manufactured housing and recreational vehicle industries in the United States.