Patrick Industries is further diversifying its manufacturing mix.
The Elkhart-based company completed its purchase of Rosenburg, Texas-based Wet Sounds Inc., a designer, fabricator, engineer, and distributor of audio systems and accessories, including amplifiers, tower speakers, soundbars, and subwoofers. Wet Sounds sells audio products and accessories direct to original equipment manufacturers, consumers, dealers and retailers, primarily within the marine industry, as well as to the home audio and powersports markets and aftermarkets.
Wet Sounds' trailing 12-months revenue through September 2021 was estimated at $55 million, and the acquisition is expected to be immediately accretive to net income per share, Patrick Industries said.
“We are extremely excited to partner with Tim White, Brett Triola, Joe Mandola and the entire creative team at Wet Sounds, whose highly-engineered premium brand audio product offerings will be instrumental in further driving consumer connectivity not only in the marine space, but also in the powersports and home audio arenas,” said Andy Nemeth, CEO of Patrick. “Wet Sounds' competitive advantage centers around its innovative technology and design, superior sound performance, and exceptional quality.”
Nemeth said the addition of Wet Sounds is a great fit for Patrick within its existing offerings of recognizable brand companies and provides the company with opportunities to enhance its position in the marine industry.
“As with previous acquisitions, we will support Wet Sounds with a financial and operational foundation that will allow it to continue to capitalize on its core competencies while preserving the entrepreneurial spirit that has been a key factor to its success,” Nemeth said.
Wet Sounds will continue to operate on a stand-alone basis under its current name and in its existing facility in Texas.
Tim White, president and co-founder of Wet Sounds, said he looks forward to joining Patrick Industries.
“The Wet Sounds team and I are thrilled to become part of the Patrick family and its independent brand strategy to continue to drive the next phase of our business model and strategic plan and expand our platform and presence in the markets we serve,” White said. “We look forward to joining an organization that shares our vision to be the premier high-quality supplier to our customers, and executing on the many strategic initiatives and opportunities we have in front of us.”
Patrick Industries was founded in 1959. It is a diversified manufacturer, employing more than 11,000 people in 160 businesses across the U.S.