Patrick Industries, Inc. Acquires Bristol’s RecPro
News Release
BRISTOL — Patrick Industries, Inc., a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced today that it has completed the acquisition of Bristol-based ICON Direct, Inc., which operates as RecPro.com, a leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems and solutions for the RV and marine end markets.
The company estimates RecPro’s 2024 revenues will be approximately $80 million.
“We are excited to announce our acquisition of RecPro, and I am pleased to welcome Mike Waumans Jr. and the rest of his team to the Patrick family,” said Andy Nemeth, Chief Executive Officer of Patrick. “The addition of RecPro’s leading e-commerce platform meaningfully expands Patrick’s presence in the attractive Outdoor Enthusiast aftermarket and broadens the foundation of our aftermarket strategy as we seek to leverage our aftermarket product offerings and other product solutions across our RV, Marine and Powersports portfolio. We believe RecPro’s passion for growth, commitment to quality customer service, and ability to source and provide value-enhancing product solutions are a synergistic fit within our entrepreneurial business model.”
Mike Waumans Jr., owner of RecPro, commented, “We are excited about the opportunity to partner with Patrick and its network of leading brands and look forward to what we can achieve together. With our online retail presence and robust customer-service platform, coupled with Patrick’s support of our entrepreneurial culture, we are energized by the opportunity to engage with Patrick’s leaders and portfolio of companies, utilizing our expertise and the RecPro platform to enhance Patrick’s aftermarket presence.”
Consistent with our other acquisitions, RecPro will continue to operate under its existing brand name and within its current facilities. The acquisition is expected to be immediately accretive to net income per share.