Elkhart, Indiana-based Patrick Industries, Inc. announced that it has completed the acquisition of Rosenburg, Texas-based Wet Sounds, Inc., a leading designer, fabricator, engineer, and distributor of innovative audio systems and accessories, including amplifiers, tower speakers, soundbars, and subwoofers.
Wet Sounds sells audio products and accessories direct to OEMs and consumers, and to 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 approximately $55 million, and the acquisition is expected to be immediately accretive to net income per share.
"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, Chief Executive Officer of Patrick. "Wet Sounds' competitive advantage centers around its innovative technology and design, superior sound performance, and exceptional quality. In addition, this acquisition is a great fit within our existing offerings of recognizable high-quality brand companies and provides us with a tremendous opportunity to enhance our position as a value-added component solutions supplier to 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."
Tim White, President and co-founder of Wet Sounds, said, "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. 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."
The business will continue to operate on a stand-alone basis under the Wet Sounds name in its existing facility.