Patrick Industries has completed the acquisition of Sea-Dog Corp. a distributor of a comprehensive suite of marine and powersports hardware and accessories to distributors, wholesalers, retailers, online 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.
Sea-Dog’s combined full-year 2020 revenues were approximately $20 million, and the company said it 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 CEO 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.”
