Richmond, VA/Baltimore, MD – October 1, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announced the sale of G.G. Schmitt & Sons, Inc. (“G.G. Schmitt” or the “Company”) to Patrick Industries, Inc. (NASDAQ: PATK), a manufacturer and distributor of components for the recreational vehicle, marine, and other industrial markets.
Ron Schmitt, CEO of G.G. Schmitt, shared his enthusiasm for the partnership with Patrick, noting, “After 68 years as a family-owned marine industry business, we’re thrilled to join the Patrick family, which will support our growth and expansion plans.” He commended Matrix, stating, “Their marine sector expertise and transaction guidance were invaluable, helping us achieve a successful outcome.”
Matrix’s Consumer & Industrial Products Group managed the transaction, led by Managing Director David Shoulders, Vice President William O’Flaherty, and Analyst John Mosser. Mr. Shoulders remarked, “It was an honor to find a new home for the brand that Ron, Gere, and Steve have grown since their father founded the company.” Mr. O’Flaherty added, “This transaction highlights Matrix’s commitment to serving business owners in the outdoor and recreation industries.”
Founded in 1951 by Gervase G. Schmitt, G.G. Schmitt has grown into a leading designer and manufacturer of custom metal hardware for marine industry OEMs. The Company, which provides aluminum and stainless-steel components like marine towers, seats, and handrails, is widely recognized for its high-quality products and engineering expertise. Headquartered in Lancaster, PA, with additional facilities in Sarasota, FL, and Summerville, SC, G.G. Schmitt operates over 120,000 square feet of manufacturing space and employs 160 dedicated team members.
Patrick Industries’ CEO, Todd Cleveland, and President, Andy Nemeth, expressed confidence in the acquisition, noting G.G. Schmitt’s excellent reputation and strong customer relationships. Mr. Nemeth added, “With Patrick’s support, G.G. Schmitt can build on its core competencies while retaining the entrepreneurial spirit that has driven its success.”
Legal counsel for G.G. Schmitt was provided by Brubaker Connaughton Goss & Lucarelli LLC, with tax and accounting services from Trout, Ebersole & Groff, LLP.
