Marine audio supplier Wet Sounds has been sold to Patrick Industries, a maker of components for the RV, marine and home markets, for an undisclosed sum.
The acquisition will give Wet Sounds the ability to grow faster and expand into new markets, said co-owner Tim White.
The announcement earlier this month lists Wet Sounds’ recent annual sales at about $55 million.
Patrick Industries CEO Andy Nemeth said Wet Sounds products are “a great fit” with Patrick products and that Wet Sounds “provides us with a tremendous opportunity to enhance our position as a value-added component solutions supplier to the marine industry.”
Nemeth added, “As with previous acquisitions, we will support Wet Sounds with a financial and operational foundation that will allow it to continue to capitalize on its core competencies while preserving the entrepreneurial spirit that has been a key factor to its success.”
All three owners of Wet Sounds, Tim White, Brett Triola and Joe Mandola will stay on with the company as will other top executives including CEO JR Stocks.
White said, “Nothing has changed in the operation side.” He said dealers can expect, “The same amazing products and fantastic customer service with even more exciting new products and categories.”
“Wet Sounds was not actively for sale when approached by Patrick about joining the family,” White said. “We felt it was a fantastic opportunity to continue to grow and build our brand to the next level. Wet Sounds has had amazing success over the last 15 years with numerous industry firsts and paving the way for the entire industry to follow. As part of the Patrick team, we see more ability to reach new heights and continue to pave the way.”
Wet Sounds is based in Rosenburg, TX. It sells audio systems and accessories, including amplifiers, tower speakers, soundbars, and subwoofers primarily to the marine markets but also so the home audio and powersports markets.
Patrick Industries, based in Elkhart, IN, is a publicly traded company (NASDAQ: PATK). It provides component solutions for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick has over 11,000 employees and 160 businesses across the United States.
