PATRICK INDUSTRIES, INC. COMPLETES ACQUISITION OF SEA-DOG CORPORATION AND SEA-LECT PLASTICS
Mar 23, 2021
On March 15th, Patrick Industries, Inc. announced that it has completed the acquisition of Everett, Washington-based Sea-Dog Corporation, a leading distributor of a comprehensive suite of marine and powersports hardware and accessories to distributors, wholesalers, retailers, on-line providers and manufacturers, and its sister company, Sea-Lect Plastics, which provides plastic injection molding, design, product development and expert tooling to companies and government entities (collectively, “Sea-Dog”). Sea-Dog’s combined full-year 2020 revenues were approximately $20 million and the Company expects the acquisition to be immediately accretive to net income per share.
“Sea-Dog is a highly respected and established brand primarily in the marine aftermarket known for its quality, innovation, new product development, marketing, and strong customer relationships,” said Andy Nemeth, President and Chief Executive Officer of Patrick. “This acquisition adds to our aftermarket platform and provides us with additional resources and channels to further expand our marine products and accessories offerings to the markets we serve across the U.S. and internationally. We are excited to partner with Brad and Mark Nysether and the entire Sea-Dog team. Sea-Dog’s global distribution network and strong brand recognition afford us the opportunity to leverage Patrick’s existing product portfolio and drive synergies as we continue to expand our presence in the leisure lifestyle markets. Consistent with previous acquisitions, we will support Sea-Dog with a financial and operational foundation that will allow it to continue to capitalize on its core competencies while preserving the entrepreneurial spirit and brand that have been so important to its success.”
Brad Nysether, President of Sea-Dog, said, “My brother Mark and I are pleased to join the Patrick family and continue the legacy of Sea-Dog after nearly a century as family-owned businesses. We look forward to partnering with Patrick and its independent brand strategy to further broaden our geographic reach and expand our product offerings. Patrick’s strategic resources and marine industry presence, capabilities and vision align with our values and goal of providing the highest quality innovative solutions to our customers.”
The acquisition of Sea-Dog includes the acquisition of working capital and other assets and was funded under the Company’s credit facility. Patrick will continue to operate Sea-Dog on a stand-alone basis under its brand names in its existing facilities.
