Patrick Industries is expanding its marine product sector with the acquisition of Sea-Dog Corp., a marine and powersports distributor, in addition to its sister company, Sea-Lect Plastics.
The Everett, Washington-based business, collectively “Sea-Dog,” distributes marine hardware, provides plastic injection molding and product development to various companies and government entities.
Sea-Dog’s full-year 2020 revenues were $20 million, Patrick stated. The company expects the acquisition to be “immediately accreditive” to profits.
“Sea-Dog is a highly respected and established brand primarily in the marine aftermarket known for its quality, innovation, new product development, marketing and strong customer relationships,” Patrick CEO and President Andy Nemeth said. “This acquisition adds to our aftermarket platform and provides us with additional resources and channels to further expand our marine products and accessories offerings to the markets we serve across the U.S. and internationally.”
Patrick will continue to operate Sea-Dog on a stand-alone basis under its brand names, the company stated.
“My brother Mark and I are pleased to join the Patrick family and continue the legacy of Sea-Dog after nearly a century as family-owned businesses,” Sea-Dog President Brad Nysether said. “We look forward to partnering with Patrick and its independent brand strategy to further broaden our geographic reach and expand our product offerings. Patrick’s strategic resources and marine industry presence, capabilities and vision align with our values and goal of providing the highest quality innovative solutions to our customers.”
“We are excited to partner with Brad and Mark Nysether and the entire Sea-Dog team,” Nemeth said. “Sea-Dog’s global distribution network and strong brand recognition afford us the opportunity to leverage Patrick’s existing product portfolio and drive synergies as we continue to expand our presence in the leisure lifestyle markets. Consistent with previous acquisitions, we will support Sea-Dog 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.”
