Richmond, VA – October 1, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announced the sale of Engineered Metals and Composites, Inc. (“EMC”), based in West Columbia, South Carolina, to Patrick Industries, Inc. (NASDAQ: PATK), a publicly traded manufacturer and distributor serving various industrial markets, including the recreational vehicle and marine sectors. The transaction closed on September 28.
Founded in 1998, EMC is a premier designer and manufacturer of custom marine towers, frames, and fabricated components for OEMs in the marine industry. With strategic positioning near major North American saltwater boat manufacturers, EMC has expanded its capabilities under the leadership of Founder and CEO Ed Forbes and President Chris Wainscott to meet the growing needs of its customer base.
Patrick Industries’ CEO Todd Cleveland expressed enthusiasm for the acquisition, stating, “EMC’s technical expertise and innovative products enhance our marine portfolio, allowing us to further penetrate the market and increase content per unit.” Andy Nemeth, Patrick’s President, added, “We are excited to partner with the EMC team to build on their industry-leading expertise, customer service, and innovative solutions for marine OEMs.”
Ed Forbes, reflecting on the partnership, remarked, “After over 35 years in the marine industry, I am thrilled to join forces with Patrick to drive further growth for EMC. Patrick’s strategic resources align with our goal of delivering top-quality solutions to our customers.”
Matrix served as the exclusive financial advisor to EMC. Led by Managing Director David Shoulders and Vice President William O’Flaherty, the Matrix team included Associate Robbie Nickle and Analyst John Mosser. Mr. Forbes commended Matrix’s role, stating, “The Matrix team exceeded our expectations, providing exceptional guidance through a complex process and finding the perfect home for EMC.”
Mr. Shoulders commented, “We are honored to have assisted Ed, Chris, and the EMC team through this transition. The partnership with Patrick will bring significant benefits to EMC’s customers, suppliers, and employees.”
