Elkhart-based Patrick Industries (Nasdaq: PATK) has acquired an audio systems and accessories manufacturer headquartered in Texas. Financial terms of the deal for Wet Sounds Inc. are not being disclosed.
Wet Sounds designs, fabricates and distributes a variety of audio products, including amplifiers, tower speakers, soundbars and subwoofers primarily for the marine industry, as well as the home audio and powersports markets.
Wet Sounds recorded 12-month revenue of $55 million through September 2021, according to Patrick. Andy Nemeth, chief executive officer of Patrick, says the company will support Wet Sounds with a foundation to allow it to continue its performance.
“Wet Sounds’ competitive advantage centers around its innovative technology and design, superior sound performance, and exceptional quality,” Nemeth said in a news release. “In addition, this acquisition is a great fit within our existing offerings of recognizable high-quality brand companies and provides us with a tremendous opportunity to enhance our position as a value-added component solutions supplier to the marine industry.”
Patrick says Wet Sounds will continue to operate under its brand name on a standalone basis in its existing facility.