Patrick Industries added more audio punch to its portfolio of businesses.
The Elkhart-based company in late February signed a definitive agreement to make Rockford Corp. of Arizona a wholly owned subsidiary of Patrick by merger. Rockford, through its brand Rockford Fosgate, is a well-recognized designer and distributor of high-performance audio systems and components, primarily serving the powersports, marine, and automotive markets and aftermarkets.
Rockford's full-year 2021 revenues were approximately $155 million, Patrick Industries said. The sale is expected to close in early March.
“Rockford's innovative designs, marketing, brand recognition and performance have afforded it the opportunity to be a favored supplier with both OEM customers and consumers,” said Andy Nemeth, CEO of Patrick. “We are excited to partner with Bill Jackson and the creative team at Rockford as we expand our presence in the audio solutions markets.”
Nemeth said as with previous acquisitions, Patrick Industries will support Rockford with a financial and operational foundation that will allow it to continue to capitalize on its core competencies.
Bill Jackson, president and CEO of Rockford Corp., said he and his team look forward to becoming part of the Patrick family.
“Patrick's core values, competencies, relationships and strong focus on customer service mirror the mission that has been a cornerstone of the Rockford brand since its inception more than 40 years ago,” Jackson said. “We are committed to growing our capacity and capabilities as we strive to be the best partner for our customers.”
Rockford will continue its operations as a wholly-owned subsidiary of Patrick under the Rockford Fosgate name in its existing facilities.
Patrick Industries is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, the company employs more than 11,000 people across the U.S.
