Patrick Industries, Inc. has completed the acquisition of Hyperform Inc., a leading manufacturer of high-quality, non-slip foam flooring, operating under the SeaDek brand name, for the marine OEM market and aftermarket.
SeaDek operates out of two manufacturing facilities located in Rockledge, Florida and in Cocoa, Florida, which possess full marketing, laboratory, prototyping, and research and development capabilities. SeaDek had full-year 2020 revenues of approximately $25 million, and the Company expects the acquisition to be immediately accretive to net income per share.
The acquisition of SeaDek includes the acquisition of working capital, real estate and other assets and was funded under the Company's credit facility. Patrick will continue to operate SeaDek on a stand-alone basis under its brand names in its existing facilities.
Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products.
