Patrick Industries, Inc. announced that it has completed the acquisition of Hyperform Inc., a manufacturer of high-quality, non-slip foam flooring, operating under the SeaDek brand name, for the marine OEM market and aftermarket. Hyperform also serves the pool and spa, powersports and utility markets under the highly complementary brands of SwimDek and EndeavorDek (collectively, "SeaDek"). SeaDek operates out of two manufacturing facilities located in Rockledge, Florida and in Cocoa, Florida, which possess full marketing, laboratory, prototyping, and research and development capabilities. SeaDek had full-year 2020 revenues of approximately $25 million, and the Company expects the acquisition to be immediately accretive to net income per share.
"We are extremely excited to partner with the industry-leading SeaDek team and continue to build out our portfolio of high quality marine component suppliers under our full solutions model," said Andy Nemeth, president and chief executive officer of Patrick. "These three brands specialize in creating innovative and highly functional products that use a high-grade, proprietary blended foam material, offering a safe, durable and comfortable alternative to traditional marine and specialty market flooring products. This acquisition provides significant opportunities for growth in both the OEM market and the aftermarket as well as additional resources and channels to further expand our marine products and accessories offerings to the markets we serve across the U.S. and internationally. Consistent with previous acquisitions, we will support SeaDek 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."
Kurt Wilson, CEO of SeaDek, said, "My brother Jim and I, along with the rest of the SeaDek team, are pleased to join the Patrick family and continue the legacy of SeaDek after nearly four decades as a family-owned business. We look forward to partnering with Patrick, whose vast product offerings, resources and customer first approach will help to further grow the SeaDek brands, and offer an enhanced range of product solutions to our customers and markets."
The acquisition of SeaDek includes the acquisition of working capital, real estate and other assets and was funded under the Company's credit facility. Patrick will continue to operate SeaDek on a stand-alone basis under its brand names in its existing facilities.
Learn more at patrickind.com.