Investor Presentation
March 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 Milestones
4
1959
Company
founded
1968
Company taken
public (NASDAQ)
2007
Acquired Adorn Holdings,
Inc. – the largest acquisition
in the Company’s history
2008 & 2009
Todd Cleveland
named President
(‘08) and CEO (‘09)
2017
Common stock
offering
Credit facility
expansion to
$450MM
Completed 3-
for-2 common
stock split
2015
Completes 3-for-2
common stock split
2018
Credit facility
expansion to $500MM
$173MM Convertible
note offering
Acquisition Highlights
2010 - 2018
47 companies
$714MM aggregate purchase price
$1,095MM annualized revenues
Sales Composition Evolution
MH 90%
RV 10%
RV 69%
MH 13%
Industrial 11%
Marine 7%
1968 2017
Patrick at a Glance
Founded in 1959 and incorporated in Indiana in
1961
Key component manufacturer and supplier to the
RV, Marine, Housing, and Industrial Markets
Headquartered in Elkhart, Indiana – the “RV
Capital of the World”
Operates over 100 facilities in 20 states & China
Approximately 7,000 employees
Listed on the NASDAQ under ticker PATK
2017 revenue of $1.6B
Acquired 47 companies in our core markets
since 2010
5
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
Acquisitions
13 companies
$249MM aggregate purchase price
$309MM annualized sales
Facts
2018 Highlights
2017 Highlights
~$170MM Convertible Note Offering
Credit facility expansion to $500MM
Acquisitions to date
3 companies
$55MM purchase price
$90MM annualized sales
Marine
7%
of Patrick’s 2017 Sales
Industrial
11%
of Patrick’s 2017 Sales
MH
13%
of Patrick’s 2017 Sales
RV
69%
of Patrick’s 2017 Sales
6
Market Platform
Lifestyle & Leisure
Housing & Industrial
Patrick Product Offering
7
Laminated and
Fiberglass
Products
Hardwoods &
Softwoods,
Cabinetry, and
Fabricated &
Solid Surface
Countertops
Electrical
System
Components
RV Painting and
Fabricated
Aluminum
Products
Distribution,
Transportation
and Design
Services
RV Market
RV segment sales comprised 69% of total Patrick sales in 2017
Patrick Product Offering
8
Fiberglass
Helm and
Dash
Assemblies
Wire
Harnesses
Aluminum
Fuel Tanks
Metal
Fabrication
Design
Services
Marine Market
Marine segment sales comprised 7% of total Patrick sales in 2017
Patrick Product Offering
9
Fiberglass
products
Laminated,
Gypsum and
Roofing
Products
Distribution &
Design
Services
MH Market
MH segment sales comprised 13% of total Patrick sales in 2017
Hardwoods &
Softwoods,
Cabinetry, and
Fabricated &
Solid Surface
Countertops
Electrical and
Lighting
Patrick Product Offering
10
Industrial segment sales comprised 11% of total Patrick sales in 2017
Industrial Market
Solid Surface
and Fabricated
Countertops
Slotwall Distribution &
Design
Services
Shower Doors
and Fabricated
Glass, Tubs
and Showers
FRP and
Polymer Panels
11
11
Strategically aligned with OEM customers offering a nationwide network
Over 100 facilities in 20 states with
approximately 7,000 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
Markets Served & Trends
Economic Fundamentals
Solid trends in 2017 macro economic fundamentals signal
positive outlook in our industries served going into 2018
13
Unemployment Rate
Consumer Confidence
8%
increase in 2017
4.1%
ending rate in 2017
Strong consumer confidence
Relatively low interest rates
Lower, stable fuel prices
Credit availability
Favorable employment and wage trends
Strength in equity and housing markets
Increases in consumer spending with
recreational goods increasing at a higher rate
Solid Industry Growth
Favorable Economic Fundamentals
Compared to 2016…
RV wholesale unit shipments up 17%
Marine powerboat retail units increased 6%
MH wholesale unit shipments up 14%
Housing starts increase of 2%
Sources: RVIA, NMMA, MHI, NAHB, Census, Conference Board
36,000
38,000
40,000
42,000
44,000
46,000
48,000
50,000
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US population age 35-44 (000's)
Key population
demographic is poised to
return to growth after a 14
year decline
Key population
demographic begins to
decline
Population Demographic Trend
14
Sources: Euromonitor, BofA Merrill Lynch Global Research
A key trending population demographic in the industries we serve began
to increase in recent years indicating future market growth in all industries
Market Update:
Lifestyle & Leisure
Camping
28%
Boating
36%
All Other
36%
Demographic Trends – Lifestyle & Leisure
Outdoor Participation Outdoor Participation
by Activity - 2016
# of participants in millions
49% of the US population
participated in an outdoor activity in 2016
64% participated in
Camping or Boating activities in 2016
Source: 2017 Outdoor Participation Report published by the Outdoor Foundation
141
142
144
48% 48%
49%
2014 2015 2016
Number of Participants Participation Rate
16
Market Overview
17
RV Market
Source: KOA North American Camping Report; RVIA
Favorable
Demographic Trends
Growing Camping
Activity
RV Demand
by Age Group
Aged 34
and
Younger
18%
Aged 35
to 54
41%
Aged 55
to 64
32%
Aged 65
and
Older
9%
37.1 million North American
households camp once a
year and 22% of them are
RV campers
3.4 million new households
have started camping since
2014
The frequency of camping
is growing with the number
of campers taking 3 or
more trips per year
increasing 36% since 2014
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
Favorable demographic trends along with growing camping
activity indicate future growth in the RV market
173
163
203
228
+21%
259
247 248
255
293
+24%
321
300
257
311 321
370
384
+22%
391
353
237
166
242
252
286
321
357
374
431
505
RV Wholesale Unit Shipments
Consumer Confidence RV Annual Shipments
Industry Outlook
18
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 – 2017 RVIA; 2018F - 2020F Company Estimates; Consumer Confidence Index: The Conference Board
+5%
annual
growth
RV Market
585
Market Overview
19
Source: National Marine Manufacturers Association
Statistics Outdoor Recreational
Lifestyle
Trends Influencing
the Market
Continued core recreational
boater demand
Three most popular boating
activities: fishing, swimming
and entertaining
Active, outdoor lifestyle
continuing to grow, allowing
more time spent with family
Younger demographics and
families allocating more
time to leisure activities
36% of the US adult
population participated in
recreational boating in 2016
Estimated 141.6 million
people went boating in
2016
11.9 million registered
powerboats in the US
$36 billion retail
expenditure for recreational
boating
Favorable demographic trends along with growing outdoor
activity indicate future growth in the marine market
Marine Market
Average age of registered
boats continues to increase
Innovative, versatile boats
helping new generations
become boaters
Value gap between new
and used boats is
improving
Favorable replacement
cycle dynamics with new
boats sold increase at a
higher rate than pre-owned
-
100,000
200,000
300,000
400,000
500,000
600,000
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F
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F
20
20
FU.S. Marine Outlook
Industry
Volume
Source: NMMA (traditional powerboat retail excluding jet boats); 2017F – 2020F 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
20
Marine Market
Average age of a used boat
is approximately 25 years
+5%
annual
growth
Market Update:
Housing & Industrial
Demographic Trends – Housing & Industrial
Source: National Association of Realtors (Aspiring Home Buyers Profile & Economic and Housing Outlook) and Harvard Updated Household Projections
Approximately 80% of
non-homeowners desired to own
a home in the future in 2017
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Homeownership Rate Mortgage Interest Rate
Average Homeownership & Mortgage Interest
Rate Annual Trends
Mortgage interest rates
remained at low levels
Homeownership
rates increased
in 2017
1.4M new
households will form
every year through 2025
22
Market Overview
23
Source: Manufactured Housing Institute (MHI)
Statistics Affordable Form of
Home Ownership
Manufacturing
Average structure cost
per sq. ft. (2016) $48.82
(MH) vs. $107.18
(single family home)
Average MH retail price
(2016) $70,900 for
1,446 sq. ft. (home only)
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
Flexible production
process allows for more
custom features at a
lower cost
Engineered for wind
safety and energy
efficiency based on
geographic region
MH Market
The MH market provides innovative, high-quality, affordable homes and is
an excellent alternative to the traditional “stick” built home
193
168
131 131
147
118
96
82
50 50 52 55
60 64
71
81
93 124
141
MH Wholesale Unit Shipments
MH Units MH % of Single Family Home Starts
Industry Outlook
24
Source: 1990-2017: MHI; 2018F - 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
Market Overview
25
Residential Housing
Commercial &
Institutional Fixtures
Patrick Sales
Composition
Includes the 3 following
classifications:
Big Box Retail
Retail & Commercial
Fixtures
High Rise, Office,
Hospitality, Schools &
Universities
Housing starts increased
2% compared to 2016
Single-family housing starts
up 9%
New housing starts are well
below the prior peak and
there continues to be pent-
up demand, providing
continued runway in the
new housing market
Industrial Market
Commercial
&
Institutional
Fixtures
40%
Residential
Housing
60%
The industrial market provides an excellent growth engine for Patrick, allowing
us to bring our high-quality, innovative product lines to both the residential and
non-residential industrial markets
Industry Outlook
26
Sources: New Housing Starts - U.S. Census Bureau; Existing Home Sales – National Association of Realtors; NAHB; 2018F – 2020F Company estimate
Industrial Market
Annual New Housing Starts
Diversification and
Adjacent Markets
Leverage our
manufacturing and
distribution
capabilities,
geographic footprint
and product
expertise to
penetrate adjacent
markets and
identify new sales
channels
The housing market continues to grow at a steady pace, providing ample runway for us to capitalize
on by leveraging our product expertise and continuing to acquire and bring new products to the
industrial markets and geographic regions
+5%
annual
growth
0
500
1,000
1,500
2,000
2,500
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F
(starts in thousands)
Capital Allocation Strategy
Focused Capital Allocation
Acquisitions
Capital Expenditures
Expansions
Stock Repurchases
Debt Reduction
28
Maintain efficient and
flexible balance sheet
through disciplined use of
cash flows and leverage to
drive growth and strong
ROIC
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
$22 $26
$80
$42
$126
$233
$167
$309
2010 2011 2012 2013 2014 2015 2016 2017
Acquisition Momentum
29
($ in millions)
$59MM Avg. Revenues Acquired
Commitment to expanding product portfolio within our core markets has
resulted in over 40 strategic acquisitions since 2010
Averaged ~$236MM in annualized acquired revenues in last 3 years
Demonstrated ability to source, acquire and integrate while increasingly
executing on opportunities across diverse end-markets
# of Companies:
2 3 4 3 7 4 8 13
$236MM Avg. Revenues
Acquired
70%
93% 90%
80%
91%
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
Acquisition End-Market Mix
RV MH Industrial Marine
Acquisition Strategy
Geographic and Product Expansion
1
2
3
4
5
PACIFIC NORTHWEST
SOUTHERN CALIFORNIA
Lamination
Aluminum
FRP
Fiberglass
Paint
Shower Doors
TEXAS
SOUTHEAST
NORTHEAST
Focus on expansion opportunities with $250MM market potential
30
Financial Overview
Targeted Product Lines:
1
2
3
4
5
Solid Surface
Hardwood Products
Pressed Products
Interior Doors
Plastics
Bath & Closet Systems
$4.2
$0.3 $1.4 $2.4
$7.9
$8.7
$6.5
$8.0
$15.4
$22.5
$25.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
Capital Expenditures
We will continue to invest in our infrastructure to drive
efficiency and capacity and flex our capital spend when
necessary to align with our demand levels
($ in millions)
2016 – 2018 Strategic Focus:
New Process / Automation
Increased Capacity
Increased Efficiencies
31
Annual Capital Spending
0.0
1.0
2.0
3.0
4.0
5.0
$30MM of
Acquisitions
$17MM of
Acquisitions
$72MM of
Acquisitions
$139MM of
Acquisitions
$10MM of
Acquisitions
& $94MM
Equity
Offering
$140MM of
Acquisitions
$239MM of
Acquisitions
Leverage Capacity
32
We expect to continue to utilize our leverage and our cash flows in
alignment with our capital allocation strategy
Target Leverage Range
(1) Leverage is the consolidated total indebtedness to consolidated adjusted EBITDA as defined by the 2015 Credit Agreement per Company
(1
)
T
o
ta
l
Co
n
s
o
lid
a
te
d
L
e
v
e
ra
g
e
Leverage Ratio
Performance
Outperforming End-Market Growth
34
In recent years, Patrick’s sales growth has outpaced
industry growth in all four of our primary markets
RV Marine MH Industrial
6-year CAGR
Patrick: 35%
Industry: 12%
3-year CAGR
Patrick: 143%
Industry: 7%
6-year CAGR
Patrick: 19%
Industry: 10%
6-year CAGR
Patrick: 26%
Industry: 12%
Sources: RVIA, NMMA (2017 Shipments are a Company estimate), MHI, NAHB
($ in millions)
13%
12%
11% 5%
15%
17%
$188
61%
$302
42%
$428
25%
$536
29%
$690
33%
$916
28%
$1,128
2011 2012 2013 2014 2015 2016 2017
Towable Wholesale Shipments
Motorized Wholesale Shipments
Patrick RV Sales
6%
9%
7%
11%
14%
14%
$74
12%
$83
14%
$95
16%
$110
17%
$129
23%
$159
29%
$208
2011 2012 2013 2014 2015 2016 2017
Wholesale Units
Patrick MH Sales
9%
6%
7%
8%
6%
6%
$8
162%
$21
74%
$36
217%
$112
2011 2012 2013 2014 2015 2016 2017
Powerboat Retail Shipments
Patrick Marine Sales
28%
18%
8%
11%
6%
2%
$46
13%
$52
37%
$71
14%
$81
25%
$101
46%
$147
27%
$188
2011 2012 2013 2014 2015 2016 2017
Residential Housing Starts
Patrick Industrial Sales
Margin Expansion
35
$44
$66
$91
$119
$152
$202
$279
$13 $27
$41 $51
$70
$91
$122
10.9%
11.8%
13.5%
14.4%
15.5% 15.7%
15.2% 15.0% 15.0% 15.2% 15.1%
15.3% 15.4%
15.7%
16.0% 16.1% 16.1%
16.2% 16.3%
16.5% 16.6% 16.8% 16.7% 16.6% 16.7% 16.7%
16.9% 17.1%
1.6%
2.2%
3.7%
4.4%
5.9%
6.2%6.2%
6.2% 6.3%
6.8%6.7% 6.8%
6.9% 6.9%
7.0%
7.0% 7.0%
7.2% 7.3%
7.6% 7.7% 7.8% 7.6% 7.4% 7.3% 7.2% 7.4%
7.5%
$0
$50
$100
$150
$200
$250
$300
$350
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
($ m
illions)
Ma
rg
in
%
Gross Margin Operating Income Gross Margin % Operating Margin %
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
*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)
36
*Reflects adjustment for 3-for-2 stock split effective 12/8/2017
$437
+36%
$595
+24%
$736
+25%
$920
+33%
$1,222
+34%
$1,636
2012 2013 2014 2015 2016 2017
Sales Growth
Sales
$21
+13%
$24
+28%
$31
+38%
$42
32%
$56
54%
$86
$0.89
+11%
$0.99
+29%
$1.27
+42%
$1.81
+34%
$2.43
+43%
$3.48
2012* 2013 2014 2015 2016 2017
Earnings Growth
Net Income Diluted EPS*
Appendix
Acquisition Summary
38
($ in millions)
Acquisition
Date of
Acquisition
Purchase
Price
Annualized
Revenue
(at Acquisition)
Segment Industry Overview of Products
Quality Hardwoods Sales 01/2010 $2.0 $2.0 MFG RV Cabinet Doors
Blazon International Group 08/2010 $3.8 $20.0 DIST RV & MH Wiring, electrical, plumbing, and other building products
The Praxis Group 06/2011 $0.5 $4.0 DIST RV Painted countertops, foam products, and furniture products
A.I.A. Countertops, LLC 09/2011 $5.5 $20.0 MFG RV & Industrial Solid surface countertops, backsplashes, tables, and signs
Infinity Graphics 12/2011 $1.3 $2.0 MFG RV & Industrial Designer, producer, and installer of exterior graphics
Décor Mfg., LLC 03/2012 $4.3 $17.0 MFG RV Laminated and wrapped products
Gustafson Lighting 07/2012 $2.8 $12.0 DIST RV Interior and exterior lighting products, ceiling fans and accessories
Creative Wood Designs, Inc. 09/2012 $3.0 $18.0 MFG RV
Hardwood furniture including interior hardwood tables, chairs, and
dinettes
Middlebury Hardwood Products, Inc. 10/2012 $19.8 $33.0 MFG RV, MH & Industrial Hardwood cabinet doors and other hardwood products
Frontline Mfg., Inc. 09/2013 $5.2 $15.0 MFG RV, MH & Industrial Fiberglass bath fixtures including tubs and showers
Premier Concepts, Inc. 09/2013 $2.6 $10.0 MFG RV, MH & Industrial Solid surface countertops
West Side Furniture 09/2013 $8.7 $17.0 DIST RV Recliners, mattresses, other furniture products
Precision Painting Group 06/2014 $16.0 $28.0 MFG RV Exterior full body painting
Foremost Fabricators, LLC 06/2014 $45.4 $75.0 MFG & DIST RV
Fabricated aluminum products, fiber reinforced polyester (FRP)
sheet & coil
PolyDyn3, LLC 09/2014 $1.3 $2.5 MFG RV Fabricated simulated wood and stone products
Charleston Corporation 11/2014 $9.5 $20.0 MFG RV Fiberglass and small plastic components
Better Way Partners, LLC 02/2015 $40.5 $50.0 MFG RV Fiberglass components
Structural Composites of Indiana, Inc. 05/2015 $20.0 $18.0 MFG RV, Marine & Industrial
Fiberglass front and rear caps and roofs and other specialty
fiberglass components
North American Forest Products &
North American Moulding
09/2015 $79.7 $165.0 MFG RV, MH & Industrial
Profile wraps, custom mouldings, laminated panels,
raw/processed softwood products, trusses, industrial packaging
materials
2 Acquisitions / 2 Companies
$5.8MM Purchase Price
$22MM Annualized Revenue
3 Acquisitions
3 Companies
$7.3MM Purchase Price
$26MM Annualized Revenue
4 Acquisitions
4 Companies
$29.9MM Purchase Price
$80MM Annualized Revenue
3 Acquisitions
3 Companies
$16.5MM Purchase Price
$42MM Annualized Revenue
4 Acquisitions
7 Companies
$72.1MM Purchase Price
$126MM Annualized Revenue
3 Acquisitions
4 Companies
$140.2MM Purchase Price
$233MM Annualized Revenue
20
15
20
10
20
11
20
12
20
13
20
14
Acquisition Summary
39
($ in millions)
Acquisition
Date of
Acquisition
Purchase
Price
Annualized
Revenue
(at Acquisition)
Segment Industry Overview of Products
Parkland Plastics 02/2016 $25.2 $30.0 MFG RV & Industrial
Polymer-based products including wall panels, lay-in
ceiling panels, coated & rolled floors, protective moulding
The Progressive Group 03/2016 $10.9 $23.0 DIST RV & Industrial Electronics
Cana Cabinetry 05/2016 $16.5 $18.0 MFG MH & Industrial
Custom cabinetry including hardwood and MDF doors,
door fronts and mouldings
Mishawaka Sheet Metal 06/2016 $14.0 $28.0 MFG RV & Industrial
Fabricated aluminum products, aluminum alloys,
galvanized and hot rolled steel in common gauges and
pattern sizes
L.S. Manufacturing, Inc. 07/2016 $11.2 $12.0 MFG RV & Industrial
Thermoformed plastic parts and components, including
shower surrounds/bases
BH Electronics, Inc. 07/2016 $35.0 $35.0 MFG Marine
Thermoformed dash panel assemblies, center consoles
and trim panels, electrical systems
Sigma Wire & KRA Intl. 12/2016 $26.1 $21.0 MFG RV, Marine & Industrial
PVC insulated wire and cable products, wire harnesses
and associated assemblies
Medallion Plastics, Inc. 03/2017 $10.0 $20.0 MFG RV & Industrial
Thermoformed dash and trim panels, fender skirts,
interior packages, bumper covers and hoods
Marine Concepts / Design Concepts MFG Marine & Industrial
CNC plugs and molds, composite molds (open and
closed), gelcoat and fiberglass parts and assemblies
Marine Electrical Products 05/2017 MFG Marine
Wire harnesses, fiberglass and fiberglass reinforced
thermoformed helm systems, dash panels, and
instrument panels
Florida Marine Tanks MFG Marine & Industrial
Manufactures, fabricates, and assembles aluminum fuel
and holding tanks
Wire Design 07/2017 $10.9 $10.0 MFG RV, Marine & Industrial Manufactures wire harnesses
Baymont 09/2017 $3.4 $8.0 MFG MH & Industrial
Manufacturer and supplier of fiberglass showers, tubs,
and tile systems
Indiana Transport 11/2017 $59.0 $100.0 DIST RV & Marine Transportation and logistics service provider
LMI, Inc. & related companies 11/2017 $81.0 $75.0 MFG RV & Industrial
Designer, fabricator and installer of specialty glass,
mirror, bath and closet building products
Nickell Moulding Company, Inc. 12/2017 $11.0 $21.0 MFG RV, MH & Industrial
Manufacturer of hardwood and wrapped mouldings and
trim, custom wood frames, and door components
Metal Moulding Company Corp. 02/2018 $20.0 $19.0 MFG Marine & RV
Manufacturer of custom metal fabricated products
including hinges, arm rests, brackets, panels and trim as
well as plastic products
Aluminum Metals Co. 02/2018 $16.5 $38.0 MFG RV, Industrial & Marine
Manufacturer and distributor of aluminum products
including coil, fabricated sheets and extrusions, as well
as roofing products
Indiana Marine Products 03/2018 $18.5 $33.0 MFG Marine
Manufacturer and distributor of fully-assembled helm
assemblies, including electrical wiring harnesses, dash
panels, instrumentation and gauges, and other products
$73.5 $75.0
7 Acquisitions
8 Companies
$138.8MM Purchase Price
$167MM Annualized Revenue
20
16
7 Acquisitions
13 Companies
$248.8MM Purchase Price
$309MM Annualized Revenue
20
17
20
18
3 Acquisitions
3 Companies
$55.0MM Purchase Price
$90.0MM Annualized Revenue
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 9% and 16%, respectively, in 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
40
$1,338
$1,536
$1,789
$2,039
$2,232
$6,800RV Content per Unit
(Calculated on a TTM basis)
$1,582
$1,692
$1,825
$1,966
$2,289
$7,100
MH Content per Unit
(Calculated on a TTM Basis)
Product Overview
41
RV Market
Source: RVIA Industry Shipments; RVIA 2016 Industry Profile
Travel trailer stats include camping trailer and park models
Class B & C Travel Trailer Class A Fifth Wheel
69% of 2017
wholesale unit
shipments
Wholesale
shipment increase
of 18% in 2017
8 – 40 feet
ASP $22,624
5% of 2017
wholesale unit
shipments
Wholesale
shipment increase
of 3% in 2017
21 – 40 feet
ASP $175,304
19% of 2017
wholesale unit
shipments
Wholesale
shipment increase
of 17% in 2017
12 – 35 feet
ASP $50,234
Our products are used in the recreational vehicle industry which is
primarily comprised of the following four categories:
8% of 2017
wholesale unit
shipments
Wholesale
shipment increase
of 22% in 2017
16 – 35 feet
ASP $93,324
Towable
88% of all wholesale shipments
Motorized
12% of all wholesale shipments
Patrick Product Lines – RV Interior
42
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
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
Product Overview
45
Marine Market
Aluminum Pontoon Fiberglass Ski & Wake
32% of traditional
powerboats sold
in 2016
Outboard engine
66% of Aluminum
outboard boats
less than 21’
ASP = $19,668
1% increase of
retail shipments in
2017
28% of traditional
powerboats sold
in 2016
Outboard engine
*ASP $34,184
(over 21’)
8% increase of
retail shipments in
2017
35% of traditional
powerboats sold
in 2016
Outboard or
sterndrive engine
*ASP $53,630
4% increase of
retail shipments in
2017
5% of traditional
powerboats sold
in 2016
Outboard or
sterndrive engine
ASP $94,055
8% increase of
retail shipments in
2017
Our products are primarily used in the traditional powerboat market
which we view as the following four categories:
Source: NMMA (US Boating Statistical Abstract 2016), 2017F is Company estimate
*ASP for pontoons is aluminum outboard boats above 21’ NMMA
*ASP for fiberglass is blended average of fiberglass sterndrive and outboard NMMA
Marine Products
Aluminum Fuel &
Holding Tanks
Boat Hull Design & Tooling
46
Aluminum Fuel &
Holding Tanks
Electronics
Dash Assemblies
Wire Harnesses
Wire Screens
Helms
Dash Assemblies
Electronics
Wire Harnesses
Extruded metal
pontoon fence panels
Seat Bases
Hinges & Brackets
Arm Rests
Patrick Product Lines – MH
47
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
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
48
Portfolio of Expertise with Key Capabilities
49
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