Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its acquisition of Hyperform Inc., which manufactures non-slip foam flooring for the marine industry and operates under the brand name SeaDek. Financial terms of the deal were not disclosed, however Patrick says the acquired company will continue to operate on a standalone basis under the SeaDek name.
SeaDek’s products are also made for the pool and spa, powersports, and utility markets. Patrick says the company operates two manufacturing facilities in Florida and had $25 million in revenue in 2020.
“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,” said Andy Nemeth, chief executive officer of Patrick. “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.”
SeaDek CEO Kurt Wilson says the acquisition will “help to further grow the SeaDek brands.”