Investor Presentation
January 2018
Forward-Looking Statements
This presentation contains certain statements related to future results or states our
intentions, beliefs and expectations or predictions for the future which are forward-
looking statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from either historical
or anticipated results depending on a variety of factors. Further information
concerning the Company and its business, including factors that potentially could
materially affect the Company’s financial results, is contained in the Company’s filings
with the Securities and Exchange Commission.
This presentation includes market and industry data, forecasts and valuations that
have been obtained from independent consultant reports, publicly available
information, various industry publications and other published industry sources.
Although we believe these sources are reliable, we have not independently verified
the information and cannot make any representation as to the accuracy or
completeness of such information.
We disclaim any obligation or undertaking to disseminate any updates or revisions to
any forward-looking statements contained in this presentation or to reflect any
change in our expectations after the date of this presentation or any change in
events, conditions or circumstances on which any statement is based.
2
Company Overview
Patrick at a Glance
Founded in 1959 and incorporated in Indiana
in 1961
Headquartered in Elkhart, Indiana – the “RV
Capital of the World”
Operates over 90 facilities in 20 states &
China
Approximately 6,800 employees
Listed on the NASDAQ under ticker PATK
Approximately $1.5B in LTM revenue Q3‟17
Acquired 44 companies in our core markets
since 2010
4
Our vision is centered around driving growth organically and through disciplined strategic
acquisitions in all of our core market segments providing product expertise, differentiation, and
optionality as well as expanding our customer centric geographic product footprint and reach
Common stock offering
Credit facility expansion to $450MM
Continued strategic investment
Completed 3-for-2 stock split
Acquisitions
13 companies
$249MM aggregate purchase price
$309MM annualized sales
Facts 2017 Highlights
Marine
6%
of Patrick‟s Q3-17 YTD Sales
Industrial
12%
of Patrick‟s Q3-17 YTD Sales
MH
13%
of Patrick‟s Q3-17 YTD Sales
RV
69%
of Patrick‟s Q3-17 YTD Sales
5
Market Platform
Lifestyle & Leisure
Housing & Industrial
6
6
Strategically aligned with OEM customers offering a nationwide network
Over 90 facilities in 20 states with
approximately 6,800 employees
Headquarters
Existing Patrick Facility
Patrick Facility Profile
*There is one manufacturing facility located in China that was part of the November 2017 LMI acquisition
Portfolio of Expertise with Key Capabilities
7
RV Marine MH Industrial
Plastics / Thermoforming
Furniture & Sourcing/Specialty Bath, Shower &
Closet Systems
Solid Surface / Granite / Quartz Countertops &
Fabrication
Metal Fabrication / Fuel Tanks
Fiberglass Component Products / Tooling /
Hulls / Engineering & Design Services
Warehousing / Distribution / Logistics /
Comprehensive Design Center
Electronics / Audio Systems / Appliances
Full & Partial Body Paint / FRP and Aluminum
Sidewalls
Electrical / Wiring Solutions / Harnesses /
Instrument Panels / Lighting
Hardwoods / Softwoods / Cabinetry
Lamination / Custom Components
Lifestyle & Leisure Housing & Industrial
non-res construction spend (commercial),
YoY chg.
609
781
925
1,003
1,112
1,174
$46 $52
$71
$81
$101
$147
2011 2012 2013 2014 2015 2016
Residential Housing Starts
Patrick Industrial Sales
Outperforming End-Market Growth
8
($ in millions, shipments in thousands)
8
RV Sales Growth Industrial Sales Growth MH Sales Growth
($ in millions, housing starts in thousands) ($ in millions, shipments in thousands)
Patrick RV sales growth has outpaced
industry growth for five
consecutive years
Patrick MH sales growth has outpaced
industry growth for five
consecutive years
Patrick Industrial sales growth has
outpaced industry growth for five
consecutive years
Source: RVIA RV Wholesale Shipments Historical Glance, RVIA December 2016 Market Report, Manufactured Housing Institute December 2016 Monthly Economic Report, U.S. Census Bureau New Privately Owned Housing Units Started
Annual Data through 2016, U.S. Census Bureau Value of Construction Put in Place in the United States, Not Seasonally Adjusted, through November 2016
Note: Non-residential construction spend includes lodging, office, commercial, health care, education, religious and amusement and recreation; 2016 non-residential construction spend increase represents YTD through November 2016
compared to same period of 2015
227 258
283 313
327
376
25
28
38
44 47
55 $188
$302
$428
$544
$690
$916
2011 2012 2013 2014 2015 2016
Motorized Shipments
Towable Shipments
Patrick RV Sales
252
286
321
357
374
431
61%
42%
27%
27%
33%
52
55
60
64
71
81
$74
$83
$95
$110
$129
$159
2011 2012 2013 2014 2015 2016
Wholesale Units Patrick MH Sales
+3% +6%
+10%
+7%
+10%
+15%
+12%
+15%
+16%
+17%
+23%
-4%
+5%
-1%
+10%
+12%
+12%
+13%
+37%
+14%
+25%
+45%
5-Year
CAGR
5-Year
CAGR
5-Year
CAGR
37%
11%
17%
9%
26%
14%
Market Update:
Lifestyle & Leisure
Demographic Trends
Overall camping experiences and RV awareness are driving growth
among younger and more diverse participants
Younger campers looking for affordable recreation experience
38% of all campers are millennials (ages 18-35)
34% of new RVs sold in 2016 were to first time buyers
8 out of 10 of those new buyers were under age 65
Gen X and Millennials helping to drive this growth – making
up 72% of new campers in 2016
10
RV Market
Source: KOA North American Camping Report; RVIA
37.1 million North American households camp at least once a
year and 22% of them are RV campers
3.4 million new households have started camping since 2014
Latino, African American, Asian and other ethnicities
represented 39% of new campers in 2016; 26% of all campers
Faces of New Campers
Favorable Demographic Trends
All
Campers
38% 34% 21% 7%
Growing Camping Activity
Millennials Gen X Boomer Mature
Aged 34 and
Younger - 18%
Aged 35 to 54
- 41%
Aged 55 to
64 - 32%
Aged 65 and
Older - 9%
RV Demand by Age Group
Wholesale Shipment Growth vs. Prior Year
Wholesale Retail
RV Shipment Trends
Retail unit shipment growth has consistently been in line with or exceeded
wholesale unit shipment growth
November adjusted retail is up 14% YTD, aligned with wholesale growth
Dealer inventory channels are balanced and well-positioned
Used inventories are low and order books from OEMs are strong
2016
Retail +11%
Wholesale +15%
2017 Nov-YTD
Retail +14%*
Wholesale +18%
2015
Retail +14%
Wholesale +5%
RV Market
*November 2017 ytd retail growth includes Company estimated adjustments for September, October and November 2017
Source: RVIA, SSI
11
Industry Outlook
12
Gulf War
9/11 Attacks
Residential
Housing Crisis
It is our belief that trended shipment levels indicate continued potential for future growth trajectory based
on current demographic indicators, discipline in the space, overall economic conditions and resilience and
strength of the leisure lifestyle. Additionally, average shipment increases over each of the last prior peaks
point to an extended runway with potential in excess of 580,000 units.
(shipments in thousands)
RV Shipments Source: 1990 – 2017F RVIA; 2018F - 2020F Company Estimates; Consumer Confidence Index: The Conference Board
+5%
annual
growth
RV Market
Strong consumer confidence
Relatively low interest rates
Lower, stable fuel prices
Credit availability
Favorable employment and
wage trends
Strength in equity and housing
markets
Canadian markets showing
signs of improvement
Continued Favorable
Macro Environment
585
Statistics
36% of the U.S. adult population participated in
recreational boating in 2016
Estimated 141.6 million people went boating in 2016
11.9 million registered powerboats in the U.S.
Overview Marine Market
Outdoor Recreational Lifestyle
Continued core recreational boater demand
Three most popular boating activities: fishing,
swimming & entertaining
Active, outdoor lifestyle continuing to grow, allowing
for more time spent with family
Trends Influencing the Market
Average age of registered boats continues to increase
Innovative, versatile boats helping new generations
become boaters
Younger demographics and families allocating more time
to leisure activities
Source: National Marine Manufacturers Association (NMMA)
13
U.S. Marine Outlook
Industry
Volume
Source: NMMA (traditional powerboat retail excluding jet boats); 2017F is Company estimate
1965-1991
Average 401,000
1992-2006
Average 306,000
The U.S. marine market continues its steady recovery with the potential for a long
runway of steady growth with leisure lifestyle attractiveness and an aging
inventory of used boats
14
Marine Market
Average age of a used boat
is approximately 25 years
Market Update:
Housing & Industrial
Affordable Form of Home Ownership
Average structure cost per sq. ft. (2016) $48.82 (MH) vs.
$107.18 (single family home)
Average MH retail price (2016) $70,600 for 1,446 sq. ft.
(home only)
Overview MH Market
Statistics
Approximately 9 million households with 22 million
people living in manufactured homes (9% of
nation’s single family housing stock)
80% of all new homes sold under $150,000 are MH
Manufacturing
Flexible production process allows for more custom
features at lower cost
Engineered for wind safety and energy efficiency based
on geographic region
Source: Manufactured Housing Institute (MHI)
16
Industry Outlook
17
Source: 1990-2016: MHI; 2017F - 2020F Company Estimates, NAHB
The MH industry continues to perform at historical lows reflecting the residual impacts from the
residential housing market crash, including tight credit standards and lending. We believe, however,
that there is pent-up demand and significant upside potential for this market based on current
demographic trends, including multi-family housing capacity and improving consumer credit and
financing conditions, among other factors.
(shipments in thousands)
MH Market
+10%
annual
growth
+15%
annual
growth
Residential End-Markets
18
Product Lines:
• Kitchen cabinets and components
• Household furniture
• Solid surface countertops
• Shower doors
• Bathroom & closet systems
New housing starts are well below the prior peak and there continues to be pent-up demand, providing
continued runway in new housing market
New housing demand on the West Coast has continued to increase as a % of new housing starts
Sources: New Housing Starts - U.S. Census Bureau; Existing Home Sales – National Association of Realtors; NAHB (as of December 19, 2017)
Industrial Market
554
587 609
781
925
1,003 1,112
1,174
4,340
4,190
4,260
4,660
5,090
4,940
5,250
5,450
3,900
4,100
4,300
4,500
4,700
4,900
5,100
5,300
5,500
400
500
600
700
800
900
1,000
1,100
1,200
1,300
Existing Hom
e Sales (000's)Ne
w
Ho
us
ing
S
ta
rts
(0
00
's)
Growth in Housing Market Driving Demand
New Housing Starts Existing Home Sales
21%
20%
22%
22%
23% 23%
24%
25%
117 120
133
175
215
235
266
291
20%
22%
24%
26%
28%
30%
0
100
200
300
400
W
es
t C
oa
st
N
ew
H
ou
si
ng
S
ta
rts
(0
00
's)
Growth in West Coast Housing Market
West Coast New Housing Starts % of New Housing Starts
%
of New Housing
Starts
Residential Home Buying Strength
19
Sources: Euromonitor, BofA Merrill Lynch Global Research
The key home buying population demographic began to increase in
recent years following a 14 year decline
36,000
38,000
40,000
42,000
44,000
46,000
48,000
50,000
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
US population age 35-44 (000's)
Key home buying
demographic is poised to
return to growth after a 14
year decline
Key home buying
demographic begins to
decline
Big Box Retail
Kitchen cabinets
Custom wardrobe and shower systems
Electronics distribution
Polymer-based wall panels, adhesives and accessories
Non-Residential End-Markets
Industrial Market
Retail and Commercial Fixtures
Store fixtures
Slotwall
Casework and office furnishings
Solid surface countertops
High Rise, Office, Hospitality, Schools &
Universities
Office furniture & cabinets
Solid surface, granite, & quartz countertops
Polymer-based wall and ceiling panels and other accessories
Bath and shower surrounds & wardrobe systems
20
Our current non-residential industrial strategy is to leverage our manufacturing and distribution
capabilities, geographic footprint and product expertise to penetrate adjacent markets and identify
new sales channels
Capital Allocation Strategy
Focused Capital Allocation
Acquisitions
Capital Expenditures
Expansions
Stock Repurchases
Debt Reduction
22
Maintain efficient and
flexible balance sheet
through measured use of
cash flows and leverage to
drive growth and strong
ROE
Our capital allocation strategy is centered around the utilization of
a balanced leverage position, strong cash flows and capital
resources to grow and reinvest in the business model
Execute disciplined strategic acquisition
program in core markets
Invest in internal growth and cost saving
opportunities including product extensions,
infrastructure and expansions
Focus on geographic expansion
opportunities to leverage our existing
relationships and expertise
Return excess capital to shareholders
through share repurchases
Use strong cash flow to reduce debt and
reload growth capacity
Acquisition Summary by Year
23
From 2014 – 2017…
We have executed on 21 acquisitions, acquiring 29 different companies
with total revenues of ~$850 million
Averaged 5 acquisitions with ~$212 million in annualized acquired
revenue over the last four years
2014 Acquisition Highlights 2016 Acquisition Highlights
• 7 companies • 8 companies
• $72MM aggregate purchase price • $139MM aggregate purchase price
• $126MM annualized sales • $167MM annualized sales
• Primarily RV market-based • RV, MH & Industrial market-based
2015 Acquisition Highlights 2017 Acquisition Highlights
• 4 companies • 13 companies
• $140MM aggregate purchase price • $249MM purchase price
• $233MM annualized sales • $309MM annualized sales
• Primarily RV market-based • Marine, RV, MH & Industrial market-based
$22 $26
$80
$42
$126
$233
$167
$309
2010 2011 2012 2013 2014 2015 2016 2017
Demonstrated Ability to Source, Acquire and Integrate
24
($ in millions)
$59MM Avg. Revenues Acquired
Commitment to expanding product portfolio within our core markets has resulted in over
40 strategic acquisitions since 2010
Since 2010, Patrick‟s acquisitions have provided ~$1B in annualized revenue (at the time
of acquisition)
Averaged ~$236MM in annualized acquired revenues in last 3 years
Increasingly executing on opportunities across diverse end-markets
Acquisition Momentum Acquisition End-Market Mix
70%
93% 90%
80%
9 %
80%
40%
48%
30%
1% 5%
11% 7%
10%
3%
6% 5% 9%
3% 8%
29% 28%
6% 5%
21% 21%
2010 2011 2012 2013 2014 2015 2016 2017
RV MH Industrial Marine
# of Companies:
2 3 4 3 7 4 8 13
$236MM Avg. Revenues
Acquired
Recreational Vehicle
25
Strong Brands & Product Expertise in Core Markets
Li
festyle
& Leisur
e
Ho
u
sin
g
& In
d
us
tria
l
Marine
Manufactured Housing Industrial
Geographic and Product Expansion
1
2
3
4
5
PACIFIC NORTHWEST 1
SOUTHERN
CALIFORNIA
Lamination
Aluminum
FRP
Fiberglass
Paint
Shower Doors
TEXAS
SOUTHEAST
NORTHEAST
2
3
4
5
Focus on expansion opportunities with $250MM market potential
26
Financial Overview
Solid Surface
Hardwood Products
Pressed Products
Interior Doors
Plastics
Bath & Closet Systems
Targeted Product Lines:
Capital Expenditures
We will continue to invest in our infrastructure to drive efficiency
and capacity and flex our capital spend when necessary to align
with our demand levels
($ in millions)
Strategic Capital Spending:
New Process / Automation
Increased Capacity
Increased Efficiencies
27
Strategic
Capex
Cash Flow Generation and Growth
($ in millions)
28
$22
$46
$66
$97
2013 2014 2015 2016
Cash Flows from
Operating Activities
Cash Flows from Operating Activities
$51
$65
$87
$96
2013 2014 2015 2016
Working Capital
Working Capital
$14
$39
$58
$82
2013 2014 2015 2016
Free Cash Flow
Free Cash Flow
Strong free cash flow generation provides flexibility across
operational, financial and strategic objectives
Free cash flow is calculated as operating cash flow less capital
expenditures
Working capital is calculated as current assets (excl. cash) less
current liabilities (excl. current maturities of long-term debt); deferred
tax assets are excluded from working capital given new accounting
standard adopted by the Company in Q1 2016
3-Year
64%
3-Year
80%
3-Year
23%
CAGR CAGR CAGR
Leverage Capacity
29
We expect to continue to utilize our leverage and cash flow in alignment with our capital
allocation strategy
Target Leverage Range
(1) Leverage is the consolidated total indebtedness to consolidated adjusted EBITDA as defined by the 2015 Credit Agreement per Company 10-Q
(1
)
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
T
o
ta
l
Co
n
s
o
lid
a
te
d
L
e
v
e
ra
g
e
$30MM of
Acquisitions
$17MM of
Acquisitions
$72MM of
Acquisitions
$17MM of
Acquisitions
$140MM of
Acquisitions
$10MM of
Acquisitions &
$94MM Equity
Offering
$88MM of
Acquisitions
$437
+36%
$595
+24%
$736
+25%
$920
+33%
$1,222
2012 2013 2014 2015 2016
Sales Growth
Sales
Sales & Earnings Growth
Sales continue to grow and outpace their respective markets, driven by
acquisitions, new products and extension growth and market share gains
Net Income and EPS continue steady growth driven by the following:
Leveraging of fixed costs
Tight management of controllable expenses
Realized cost synergies from acquisitions
Share buyback program
*2012 net income excludes the benefit of the income tax credit associated with NOLs - $7MM or $0.28 per diluted share
($ in millions except per share data)
30
$21
+13%
$24
+28%
$31
+38%
$42
32%
$56 $0.89
+11%
$0.99
+29%
$1.27
+42%
$1.81
+34%
$2.43
2012* 2013 2014 2015 2016
Earnings Growth
Net Income Diluted EPS*
*Reflects adjustment for 3-for-2 stock split effective 12/8/2017
Appendix
2
0
1
5
Company
taken public
(NASDAQ)
Date of
Incorporation
Patrick History
32
1
9
5
9
Company
founded
1
9
6
1
1
9
6
8
2
0
0
7
Acquired Adorn Holdings, Inc. –
the largest acquisition in the
Company‟s history
2
0
0
8
Todd
Cleveland
named
President („08)
and CEO („09)
Completed
3-for-2
common
stock split
Acquisition Highlights (2010-2016)
31 companies
$411MM aggregate purchase price
$696MM annualized revenues
2
0
0
9
2
0
1
7
Common stock offering
Credit facility expansion to $450MM
Continued strategic investment
2017 Acquisitions
o 13 companies
o $249MM aggregate purchase price
o $309MM annualized sales
2010 - 2016
Completed
3-for-2
common
stock split
Stock Performance
33
As of December 31, 2017, our split-adjusted closing stock price was $69.45,
approximately 236% of our pre-split closing stock price of $29.32 on December 31, 2014,
and generating a 255% total shareholder return over that time period.
Split Adjusted Stock Performance
Source: NASDAQ
Steady Increase In Content Per Unit
Our focus on strategic acquisitions and organic growth have resulted in significant increases
in our content per unit and sales outpacing our respective markets
RV and MH content per unit increase of 6% and 15%, respectively in Q3 2017 compared to
2016
Strategic Growth Initiatives
Acquiring new product lines and strong management teams
Developing new innovative product lines
Geographic expansion
Entering adjacent markets
*100% market share in existing products would yield the ‘total potential’ content per unit amount; RV Content per unit re-stated excluding marine sales
34
$1,271
$1,488
$1,703
$2,009
$2,125
$6,800RV Content per Unit
(Calculated on a TTM basis)
$1,599 $1,614
$1,820
$1,901
$2,187
$7,100MH Con ent per Unit
(C lculated on a TTM Basis)
Acquisition Summary by Year
35
2010 Acquisition Highlights 2014 Acquisition Highlights
• 2 companies • 7 companies
• $6MM aggregate purchase price • $72MM aggregate purchase price
• $22MM annualized sales • $126MM annualized sales
• Primarily RV market-based • Primarily RV market-based
2011 Acquisition Highlights 2015 Acquisition Highlights
• 3 companies • 4 companies
• $7MM aggregate purchase price • $140MM aggregate purchase price
• $26MM annualized sales • $233MM annualized sales
• Primarily RV & Industrial market-based • Primarily RV market-based
2012 Acquisition Highlights 2016 Acquisition Highlights
• 4 companies • 8 companies
• $30MM aggregate purchase price • $139MM aggregate purchase price
• $80MM annualized sales • $167MM annualized sales
• Primarily RV market-based • RV, MH & Industrial market-based
2013 Acquisition Highlights 2017 Acquisition Highlights
• 3 companies • 13 companies
• $17MM aggregate purchase price • $249MM purchase price
• $42MM annualized sales • $309MM annualized sales
• Primarily RV market-based • Marine, RV, MH & Industrial market-based
Portfolio of Expertise
Plastics/Thermoforming
Furniture & Sourcing / Specialty Bath,
Shower & Closet Systems
Solid Surface/Granite
Countertops & Fabrication
Metal Fabrication/Fuel Tanks
Fiberglass Products/Tooling/
Engineering & Design Services
Warehousing/Distribution/
Comprehensive Design Center
Electronics/Appliances
Full/Partial Body Paint
Electrical/Wiring Solutions/
Harnesses/Instrument
Panels/Lighting
Hardwoods/Softwoods/Cabinetry
We have a
tremendous
amount of
product
capabilities
and
expertise,
creating a
strategic
and unique
value
proposition
for our
customers!
Lamination/Custom
Components
36
Acquisition Summary
2010 2011 2012
Quality
Hardwoods
Sales
Blazon
International
Group
The Praxis
Group
A.I.A.
Countertops,
LLC
Infinity
Graphics
Décor Mfg.,
LLC
Gustafson
Lighting
Creative Wood
Designs, Inc.
Middlebury
Hardwood
Products, Inc.
Date of Acquisition: 01/2010 08/2010 06/2011 09/2011 12/2011 03/2012 07/2012 09/2012 10/2012
Final Purchase Price: $2.0 $3.8 $0.5 $5.5 $1.3 $4.3 $2.8 $3.0 $19.8
Annualized Revenue
(from Date of Acquisition):
$2.0 $20.0 $4.0 $20.0 $2.0 $17.0 $12.0 $18.0 $33.0
Segment: Manufacturing Distribution Distribution Manufacturing Manufacturing Manufacturing Distribution Manufacturing Manufacturing
Industry: RV RV & MH RV RV & Industrial RV & Industrial RV RV RV
RV, MH &
Industrial
Overview of Products: Cabinet Doors
Wiring,
electrical,
plumbing, and
other building
products
Painted
countertops,
foam products,
and furniture
products
Solid surface
countertops,
backsplashes,
tables, and
signs
Designer,
producer, and
installer of
exterior
graphics
Laminated and
wrapped
products
Interior and
exterior lighting
products,
ceiling fans and
accessories
Hardwood
furniture
including
interior
hardwood
tables, chairs,
and dinettes
Hardwood
cabinet doors
and other
hardwood
products
Acquisition:
37
($ in millions)
Acquisition Summary
2013 2014 2015
Frontline Mfg.,
Inc.
Premier
Concepts, Inc.
West Side
Furniture
Precision
Painting Group
Foremost
Fabricators,
LLC
PolyDyn3, LLC
Charleston
Corporation
Better Way
Partners, LLC
Structural
Composites of
Indiana, Inc.
North American
Forest
Products &
North American
Moulding
Date of Acquisition: 09/2013 09/2013 09/2013 06/2014 06/2014 09/2014 11/2014 02/2015 05/2015 09/2015
Final Purchase Price: $5.2 $2.6 $8.7 $16.0 $45.4 $1.3 $9.5 $40.5 $20.0 $79.7
Annualized Revenue
(from Date of Acquisition):
$15.0 $10.0 $17.0 $28.0 $75.0 $2.5 $20.0 $50.0 $18.0 $165.0
Segment: Manufacturing Manufacturing Distribution Manufacturing
Manufacturing
& Distribution
Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing
Industry:
RV, MH &
Industrial
RV, MH &
Industrial
RV RV RV RV RV RV
RV, Marine &
Industrial
RV, MH &
Industrial
Overview of Products:
Fiberglass bath
fixtures
including tubs
and showers
Solid surface
countertops
Recliners,
mattresses,
other furniture
products
Exterior full
body painting
Fabricated
aluminum
products, fiber
reinforced
polyester (FRP)
sheet & coil
Fabricated
simulated wood
and stone
products
Fiberglass and
small plastic
components
Fiberglass
components
Fiberglass front
and rear caps
and roofs and
other specialty
fiberglass
components
Profile wraps,
custom
mouldings,
laminated
panels,
raw/processed
softwood
products,
trusses,
industrial
packaging
materials
Acquisition:
38
($ in millions)
Acquisition Summary
39
($ in millions)
2016
Parkland
Plastics
The Progressive
Group
Cana Cabinetry
Mishawaka
Sheet Metal
L.S.
Manufacturing,
Inc.
BH Electronics,
Inc.
Sigma Wire &
KRA Intl.
Date of Acquisition: 02/2016 03/2016 05/2016 06/2016 07/2016 07/2016 12/2016
Final Purchase Price: $25.2 $10.9 $16.5 $14.0 $11.2 $35.0 $26.1
Annualized Revenue
(from Date of Acquisition):
$30.0 $23.0 $18.0 $28.0 $12.0 $35.0 $21.0
Segment: Manufacturing Distribution Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing
Industry: RV & Industrial RV & Industrial MH & Industrial RV & Industrial RV & Industrial Marine
RV, Marine &
Industrial
Overview of Products:
Polymer-based
products
including wall
panels, lay-in
ceiling panels,
coated & rolled
floors,
protective
moulding
Electronics
Custom
cabinetry
including
hardwood and
MDF doors,
door fronts and
mouldings
Fabricated
aluminum
products,
aluminum
alloys,
galvanized and
hot rolled steel
in common
gauges and
pattern sizes
Thermoformed
plastic parts and
components,
including shower
surrounds/bases
Thermoformed
dash panel
assemblies,
center consoles
and trim
panels,
electrical
systems
PVC insulated
wire and cable
products, wire
harnesses and
associated
assemblies
Acquisition:
Acquisition Summary
40
($ in millions)
Medallion
Plastics, Inc.
Marine
Concepts
Marine
Electrical
Products
Florida Marine
Tanks
Wire Design Baymont
Indiana
Transport
LMI, Inc. &
Related Cos.
Nickell
Moulding
Date of Acquisition: 03/2017 07/2017 09/2017 11/2017 11/2017 12/2017
Final Purchase Price: $10.0 $10.9 $3.4 $59.0 $81.0 $11.0
Annualized Revenue
(from Date of Acquisition):
$20.0 $10.0 $8.0 $100.0 $75.0 $21.0
Segment: Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Distribution Manufacturing Manufacturing
Industry: RV & Industrial
Marine &
Industrial
Marine
Marine &
Industrial
RV, Marine &
Industrial
MH & Industrial RV & Marine RV & Industrial
RV, MH &
Industrial
Overview of Products:
Thermoformed
dash and trim
panels, fender
skirts, interior
packages,
bumper covers
and hoods
CNC plugs and
molds,
composite
molds (open
and closed),
gelcoat and
fiberglass parts
and assemblies
Wire
harnesses,
fiberglass and
fiberglass
reinforced
thermoformed
helm systems,
dash panels,
and instrument
panels
Manufactures,
fabricates, and
assembles
aluminum fuel
and holding
tanks
Manufactures
wire harnesses
Manufacturer
and supplier of
fiberglass
showers, tubs,
and tile
systems
Transportation
and logistics
service provider
Designer,
fabricator and
installer of
specialty glass,
mirror, bath and
closet building
products
Manufacturer of
hardwood and
wrapped
mouldings and
trim, custom
wood frames,
and door
components
2017
$75.0
Acquisition:
Leisure Product Enterprises, LLC
05/2017
$73.5
Product Overview
Class A Class B Class C
ASP $175,304 $112,732 $90,482
2016
Wholesale
Units
22.7K 4.1K 28.0K
2016
Market Size
$4.0B $0.5B $2.5B
Length 21 – 40 feet 16 – 22 feet 21 – 35 feet
General
Description
Built on a heavy
truck chassis
Diesel and Gas
models feature
different
performance
capabilities
Spacious living
quarters with
luxury features
Ability to tow a
small vehicle
Built by adding
taller roof and
amenities to
existing van
Easy to maneuver
Home-like
features are
standard
Typically
manufactured in
limited quantities
Built on medium
truck chassis
Similar features
and amenities to
Class A models
Slideouts
available in
certain models,
creating option for
expanded living
space
Motorized
Fifth Wheel
Travel Trailer
Conventional
Travel Trailer
Folding
Camper
Trailer Truck Camper
ASP $50,234 $23,008 $11,147 $26,233
2016
Wholesale
Units
80.4K 282.3K 10.2K 3.1K
2016
Market Size
$4.0B $6.5B $0.1B $0.1B
Length 21 – 40 feet 12 – 35 feet 8 – 24 feet 8 – 20 feet
General
Description
Certain models
offer as many
as four
slideouts
Toy Haulers
have become
increasingly
popular with
active sports
enthusiasts
Smaller and
lightweight
composite
models can be
towed by mid-
size or family
vehicles
Home-like
features such
as dining,
bathroo and
entertainment
Slideouts
available on
certain models,
creating option
for expanded
living space
Appeal to
budget-
conscious
RVers looking
for roomy
living quarters
Compact size
allows for easy
storage and
setup
Limited
standard home
amenities
compared to
other models
Economical
option for
camping trips
Easily detachable,
allows owner to
use truck
separ tely while
at destination
Minimal amenities
compared to other
models
Towables
RV Market
Source: RVIA 2016 Industry Profile
41
Patrick Product Lines – RV Interior
42
Additional Supplied Products:
Exit Lighting
Ceiling Fans
Power Cords & Inlets
RV Tank Heater Pads
Fire Extinguishers
Electric Fireplaces
Wiring, Electrical & Plumbing Products
Inverters
Tire Pressure Monitors
Electrical Switches, Receptacles, and Outlets
RV Transfer Switches
Battery Selector Switches
Cut to size, boring, foiling & edge-banding
Flooring Adhesive
Instrument Panel
Made-to-order laminated products including vinyl,
paper, veneers and high pressure laminates (HPL)
Electronics
Speakers
Microwaves
Furniture
Mattresses
Laminate &
Ceramic
Flooring
Closet
Hardware
Vanity/Wall
Mirrors
Lighting
Closet & Passage Doors
Countertops
Drawer
Fronts &
Sides
Laminated Panels &
Printed Vinyl
Backsplashes
Hardwood
Accessories
Window Trim
Fiberglass Bath Fixtures
& Shower Doors Kitchen & Bath
Faucets & Sinks
Slide trim – foam,
hardwood, wrapped
Under
Cabinet
Lighting
Tile
Cabinet
Hardware
Dinettes,
Tables &
Chairs
Cabinet Doors
Patrick Product Lines – RV Exterior
43
Exterior Speakers
Paint & Paint
Mask
LED Lighting
Aluminum &
FRP Side
Walls
Laminated Side
Walls
Additional Product Lines:
Softwoods
Full Body Paint
Aluminum Gauges
Steel Gauges
Mill Finish & Pre- Painted
Aluminum and Steel
Slit & Embossed Steel
FRP Coil & Sheet
Motion Sensing
Lights
RV Power
Cords & Inlets
RV Grills & Accessories
Front and
Rear Caps
Bow Trusses
Patrick RV Products Growth Potential
44
Heating,
Ventilating,
Air Conditioning
Window
Coverings
Rolled Flooring
Bedding
Exterior
Mirrors
Carpeting
Windshield
Wipers
Holding Tanks
Captains
Chairs
Appliances
Toilets/Plumbing
Water Heaters
Gauges
Dashboards &
Components
Hardware
Tires & Rims
Roofing
Insulation
Aluminum
Framing
Market Stats
87% of industry 2016 unit sales
61% of estimated 2016 retail dollar sales, or $10.7 billion
Retail cost $5,000 to $160,000+ per unit
Average $29,000
13% of industry 2016 unit sales
39% of estimated 2016 retail dollar sales, or $7.0 billion
Retail cost $43,000 to $500,000+ per unit
Average $127,000
45
RV Market
TOWABLE
MOTORIZED
Source: RVIA 2016 Industry Profile
Patrick Product Lines – MH
46
Interior & Exterior Decorative
Lighting Fixtures
Interior Passage
Doors
Kitchen & Bath
Faucets & Sinks
Gypsum (Drywall &
Drywall Finishing
Products)
Laminate & Ceramic Flooring
Fiberglass Bath Fixtures & Shower
Doors & Enclosures
Cabinet Doors &
Components
Microwaves
Countertops
Electronics
Additional Supplied Products:
Building Arches
Closet Organization Products
Sealants
Innovative Lighting
Electrical Components
• Panels/Breakers
• Outlet Boxes
• Switches/Receptacles
Fireplaces and Surrounds
Made-to-order laminated products including
vinyl, paper, veneers and high pressure
laminates (HPL)
Cut to size, boring, foiling & edge-banding
Solid Surface, Granite and Quartz Fabrication
Flooring Adhesive
Tables & Signs
Roof Trusses
Wardrobe Doors & Hardware Systems
Closet Organizers & Shelving
Siding
Shingles • Ventilation System & Ridge Cap
• Felt Paper
• Ice & Water Protection
• Drip Edge
• Flashing
• Roofing Membrane
• Soffit & Fascia
Wrapped Profile Moldings Plumbing Products
Backsplashes
Recessed Lighting
Fluorescent Lighting
Wiring/Electrical
Products
Ceiling Fans
Medicine
Cabinets
Under Cabinet
Lighting
Tile
Printed Vinyl
Trusses
Patrick MH Products Growth Potential
Composite
Decking
Carpet &
Carpet Pad
Hardware
Alternative
Roofing
Insulation
Lumber
Windows
Additional Supplied Products:
• Water Heaters
• Appliances
• Toilets/Plumbing
• HVAC
Solar Panels
Brackets/Braces &
Hardware
47
Marine Products
Aluminum Fuel &
Holding Tanks
Boat Hull Design & Tooling
48
Aluminum Fuel &
Holding Tanks
Electronics
Dash Assemblies
Wire Harnesses
Wire Screens
Helms
Dash Assemblies
Electronics
Marine Growth Potential:
Wind Shields (Glass)
Plastic fuel & holding tanks
Fuel system related components
Plastic seat bases and components
Vinyls (biminis, covers)
Fabricated & extruded aluminum
Decking, flooring, carpet, vinyls
Gauges, instrument panels, displays
Lighting
Steering and throttle controls
Accessories
Wire Harnesses