Patrick Industries, Inc. (PATK) said Friday that it has acquired the business and certain assets of Creative Wood Designs, Inc., a manufacturer of hardwood furniture.
Creative is based in Ligonier, Indiana and has 2012 annual revenues guidance to be about $18 million.
The purchase price for the assets was about $5.7 million, including a contingent payment based on future performance, and was funded under the company's revolving credit facility. The acquisition is expected to be immediately accretive to earnings per share.
Patrick noted that Creative business will continue to operate on a stand-alone basis under the Creative Wood Designs brand name in its existing 250,000 square foot facility in Ligonier.
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