Elkhart-based Lippert Components Inc. has announced the acquisition of the furniture division of Highwater Marine LLC. The $10 million deal includes a five-year supply agreement between the companies.
Lippert’s parent company, Drew Industries Inc. (NYSE: DW), says Highwater Marine manufactures pontoon and other recreational boats in Elkhart. The boat brands made by Highwater were recently acquired by another Elkhart-based company, Bennington Marine.
"Building on our August 2015 acquisition of Signature Seating in Fort Wayne, Indiana, this acquisition will further expand our marine furniture capacity by adding the Highwater manufacturing facility in Elkhart to the LCI footprint," said Scott Mereness, president of Drew Industries. "We are excited to partner with Bennington on the transition of its Highwater furniture business and to strengthen our position in the marine furniture market."
Drew says Highwater Marine’s revenues from the furniture business was estimated at $20 million in 2015. Mereness says the estimated market size for pontoon boat furniture is approximately $125 million.