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January 11, 2013
09:17 EDTDWDrew Industries upgraded to Buy from Neutral at Sidoti
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January 27, 2016
07:34 EDTDWDrew Industries acquires Highwater Marine furniture division for $10M
Drew Industries' wholly-owned subsidiary, Lippert Components, has acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, a manufacturer of pontoon and other recreational boats located in Elkhart, Indiana. The boat brands comprising Highwater's businesses were recently acquired by Elkhart-based Bennington, the largest manufacturer of pontoon boats in the U.S., through its acquisition of Nautic Global Group. Revenue of the marine furniture business acquired from Highwater Marine for the twelve months ended December 2015 was estimated to be $20M. The purchase price was $10.0M, paid at closing from borrowings under the company's $100 million line of credit. Additionally, the parties also entered into a five year supply agreement as part of the transaction. The company estimates that the market size for pontoon boat furniture is approximately $125M, and expects the acquisition to be immediately accretive to Drew's earnings.

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