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ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisition, Contingent Consideration
The following table provides a reconciliation of the beginning and ending aggregate fair values of the contingent consideration:
Year Ended December 31,
($ in thousands)20252024
Balance at January 1$3,608 $8,510 
Additions3,200 2,030 
Fair value adjustments(4,298)(1,900)
Settlements(65)(5,032)
Balance at December 31$2,445 $3,608 
The following table shows the balance sheet location of the fair value of contingent consideration and the maximum amount of contingent consideration payments the Company may be subject to:
As of December 31,
($ in thousands)20252024
Accrued liabilities$1,383 $1,665 
Other long-term liabilities1,062 1,943 
Total fair value of contingent consideration$2,445 $3,608 
Maximum amount of contingent consideration$9,343 $8,618 
Schedule of Business Combination
The Company completed seven acquisitions in the year ended December 31, 2024, including the following previously announced acquisitions (collectively, the "2024 Acquisitions"):
CompanySegmentDescription
Sportech, LLC ("Sportech")Manufacturing
Leading designer and manufacturer of high-value, complex component solutions sold to powersports original equipment manufacturers ("OEMs"), adjacent market OEMs and the aftermarket, including integrated door systems, roofs, canopies, bumpers, windshields, fender flares and cowls, based in Elk River, Minnesota, acquired in January 2024.
ICON Direct LLC doing business as RecPro ("RecPro")DistributionLeading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets, based in Bristol, Indiana, acquired in September 2024
The Company completed three acquisitions in the year ended December 31, 2023, including the following previously announced acquisition (collectively, the "2023 Acquisitions"):
CompanySegmentDescription
BTI TransportDistributionProvider of transportation and logistics services to marine original equipment manufacturers ("OEMs") and dealers, based in Elkhart, Indiana, acquired in April 2023. The acquired business operates under the Patrick Marine Transport brand.
Schedule of Pro Forma Information
In addition, the pro forma information includes incremental amortization expense, net of tax related to intangible assets acquired of $0.6 million and $4.4 million for the years ended December 31, 2025 and 2024, respectively, in connection with the acquisitions as if they occurred as of the beginning of the year immediately preceding each such acquisition.
Year Ended December 31,
($ in thousands, except per share data)20252024
Net sales$3,965,813 $3,875,437 
Net income$136,533 $142,552 
Basic earnings per common share$4.20 $4.38 
Diluted earnings per common share$3.94 $4.23 
Schedule of Assets Acquired and Liabilities Assumed
The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of the acquisition for 2025, 2024, and 2023 Acquisitions:
2025 Acquisitions2024 Acquisitions2023 Acquisitions
($ in thousands)SportechAll OthersTotal
Consideration:
Cash, net of cash acquired$117,387 $319,073 $96,998 $416,071 $26,294 
Working capital holdback and other, net 596 — — — — 
Contingent consideration2,102 — 2,030 2,030 1,600 
Total consideration$120,085 $319,073 $99,028 $418,101 $27,894 
Assets Acquired:
Trade receivables$9,009 $21,587 $2,256 $23,843 $1,293 
Inventories18,689 20,611 19,011 39,622 4,430 
Prepaid expenses & other455 1,719 3,495 5,214 105 
Property, plant & equipment24,967 18,766 6,997 25,763 8,165 
Operating lease right-of-use assets— 15,096 1,283 16,379 1,044 
Identifiable intangible assets:
Customer relationships20,790 152,000 17,560 169,560 10,075 
Non-compete agreements1,600 2,000 2,375 4,375 270 
Patents5,230 17,500 600 18,100 — 
Trademarks5,350 20,500 8,000 28,500 — 
Liabilities Assumed:
Current portion of operating lease obligations— (1,437)(586)(2,023)(262)
Accounts payable & accrued liabilities(7,680)(32,398)(4,312)(36,710)(514)
Operating lease obligations— (13,658)(699)(14,357)(781)
Deferred tax liabilities— (21,288)— (21,288)— 
Total fair value of net assets acquired78,410 200,998 55,980 256,978 23,825 
Goodwill (1)
41,675 118,075 43,048 161,123 5,814 
Bargain purchase gain— — — — (1,745)
$120,085 $319,073 $99,028 $418,101 $27,894 
(1)Goodwill is tax-deductible for the 2025 Acquisitions and 2024 Acquisitions, except for Sportech which is only partially tax-deductible, and for the 2023 Acquisitions.