Rockford Corporation Announces Definitive Agreement for Patrick Industries, Inc. to Acquire Rockford Corporation and the Rockford Fosgate Brand
Feb 24, 2022, 09:35 ET
TEMPE, Ariz., Feb. 24, 2022 /PRNewswire/ -- Rockford Corporation (OTC Pink: ROFO.PK) announced today that it has signed a definitive agreement under which Rockford will become a wholly owned subsidiary of Patrick Industries, Inc. by merger. Patrick Industries (NASDAQ: PATK) 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, Patrick is based in Elkhart, Indiana, with over 11,000 employees across the United States.
Rockford has notified shareholders by mail of the upcoming acquisition that Patrick Industries, Inc. anticipates completing on or around March 7, 2022.
Bill Jackson, President and Chief Executive Officer of Rockford, said, "The Rockford team and I are delighted to join the Patrick family, whose vision aligns with our goal of providing the highest quality, innovative solutions to our customers. We look forward to the next phase of executing the many strategic initiatives and opportunities in front of us."
Following closing, Rockford will continue its operations as a wholly owned subsidiary of Patrick in its existing facility in Tempe, Arizona.
About Rockford Corporation
Setting the standard for excellence in the audio industry, the Rockford Corporation markets and distributes high-performance audio systems for the mobile, motorsport, and marine audio aftermarket and OEM market. Headquartered in Tempe, Ariz., Rockford Corporation is a publicly traded company and manufactures its products under the brand Rockford Fosgate®.
SOURCE Rockford Corporation
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