PATRICK INDUSTRIES Enters Material Definitive Agreement
Ticker: PATK · Form: 8-K · Filed: 2024-01-11T00:00:00.000Z
Sentiment: neutral
Topics: material-agreement, corporate-event
TL;DR
**PATK just signed a big deal, details pending, could be a game-changer.**
AI Summary
PATRICK INDUSTRIES, INC. filed an 8-K on January 11, 2024, reporting an "Entry into a Material Definitive Agreement" on January 10, 2024. This filing indicates a significant new contract or agreement that could impact the company's operations or financial position. For investors, this matters because material agreements can signal new business opportunities, strategic partnerships, or changes in financial obligations, potentially affecting future revenue, costs, and ultimately, stock performance.
Why It Matters
This filing signals a new, important business agreement for Patrick Industries, which could lead to new revenue streams or operational changes. Investors should monitor for details of this agreement to assess its potential impact on the company's future earnings and growth.
Risk Assessment
Risk Level: medium — The filing indicates a material agreement but provides no details, creating uncertainty about its nature and potential impact, which could be positive or negative.
Analyst Insight
A smart investor would await further disclosures from PATRICK INDUSTRIES, INC. regarding the specifics of this "Material Definitive Agreement" to understand its financial implications before making any investment decisions. This filing is a signal to watch for more information.
Key Players & Entities
- PATRICK INDUSTRIES, INC. (company) — the registrant filing the 8-K
- January 10, 2024 (date) — date of the earliest event reported
- January 11, 2024 (date) — date the 8-K was filed
- 000-03922 (other) — Commission File Number for PATRICK INDUSTRIES, INC.
- 35-1057796 (other) — IRS Employer Identification Number for PATRICK INDUSTRIES, INC.
FAQ
What was the specific event reported in this 8-K filing by PATRICK INDUSTRIES, INC.?
The specific event reported was an "Entry into a Material Definitive Agreement" as per Item 1.01 of Form 8-K, which occurred on January 10, 2024.
When did PATRICK INDUSTRIES, INC. file this 8-K report?
PATRICK INDUSTRIES, INC. filed this 8-K report on January 11, 2024, with the earliest event reported occurring on January 10, 2024.
What is the business address of PATRICK INDUSTRIES, INC. as stated in the filing?
The business address of PATRICK INDUSTRIES, INC. is 107 W. Franklin Street, P.O. Box 638, Elkhart, Indiana 46515, with a telephone number of (574) 294-7511.
What is the state of incorporation for PATRICK INDUSTRIES, INC.?
PATRICK INDUSTRIES, INC. is incorporated in Indiana, as stated in the filing.
Does this 8-K filing provide details about the nature or parties involved in the "Material Definitive Agreement"?
No, this specific 8-K filing only states that a "Material Definitive Agreement" was entered into and does not provide any further details regarding its nature, terms, or the parties involved.
Filing Stats: 582 words · 2 min read · ~2 pages · Grade level 12 · Accepted 2024-01-11 08:00:24
Key Financial Figures
- $315 million — ngs, LLC ("Sportech") for approximately $315 million. Sportech, based in Elk River, Minnesot
Filing Documents
- patk-20240110.htm (8-K) — 26KB
- patk11124ex991.htm (EX-99.1) — 17KB
- imagea.jpg (GRAPHIC) — 11KB
- 0000076605-24-000004.txt ( ) — 188KB
- patk-20240110.xsd (EX-101.SCH) — 2KB
- patk-20240110_lab.xml (EX-101.LAB) — 24KB
- patk-20240110_pre.xml (EX-101.PRE) — 13KB
- patk-20240110_htm.xml (XML) — 3KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement On January 10, 2024, Patrick Industries, Inc. (the "Company") signed a definitive agreement to acquire all outstanding stock of Off Road Holdings, LLC ("Sportech") for approximately $315 million. Sportech, based in Elk River, Minnesota, is the leading designer and manufacturer of high-value, complex component solutions to powersports OEMs and the aftermarket, including integrated door systems, roofs, canopies, bumpers, windshields, fender flares and cowls. The transaction is expected to close on or before January 24, 2024, subject to customary closing conditions, including regulatory approval. The all-cash transaction will be funded under the Company's existing credit facility and cash on hand.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure The information referenced in this Form 8-K is furnished pursuant to Item 7.01, "Regulation FD Disclosure." Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. (a) Press Release - Dated January 11, 2024 as contained in Exhibit 99.1
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 99.1 - Press Release issued January 11, 2024 Exhibit 104 - Cover Page Interactive Date File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PATRICK INDUSTRIES, INC. (Registrant) Date: January 11, 2024 By: /s/ Matthew S. Filer Matthew S. Filer Interim Executive Vice President - Finance, Chief Financial Officer, and Treasurer