Patrick Industries, Inc. has completed its acquisition of Rosenburg, Texas-based Wet Sounds, Inc.
Wet Sounds designs, fabricates, engineers and distributes audio systems and accessories, including amplifiers, tower speakers, soundbars and subwoofers. Wet Sounds sells audio products and accessories direct to OEMs and consumers. The company sells to dealers and retailers, primarily within the marine industry, as well as to the home audio and powersports markets, and aftermarkets.
Wet Sounds’ trailing 12-months revenue through September 2021 was approximately $55 million, and the acquisition is expected to be immediately accretive to net income per share.
Patrick CEO Andy Nemeth said his company is excited to partner with the creative team at Wet Sounds.
“Wet Sounds’ competitive advantage centers around its innovative technology and design, superior sound performance, and exceptional quality,” Nemeth said. “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.
“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,” Nemeth said.
The business will continue to operate on a stand-alone basis under the Wet Sounds name in its existing facility.
Tim White, president and co-founder of Wet Sounds, commended the independent brand strategy utilized by Patrick, which he said would expand his business and presence in the markets they serve.
“We look forward to joining an organization that shares our vision to be the premier high-quality supplier to our customers,” White said, “and executing on the many strategic initiatives and opportunities we have in front of us.”
