Drew Industries Incorporated announced Wednesday that its wholly owned subsidiary, Lippert Components, Inc., has acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, LLC.
The boat brands comprising Highwater's businesses were recently acquired by Elkhart-based Bennington through its acquisition of Nautic Global Group. Revenue of the marine furniture business acquired from Highwater Marine for the 12 months ended December 2015 was estimated to be $20 million.
"Building on our August 2015 acquisition of Signature Seating in Fort Wayne, Ind., this acquisition will further expand our marine furniture capacity by adding the Highwater manufacturing facility in Elkhart to the LCI footprint," said Drew's president Scott Mereness. "We are excited to partner with Bennington on the transition of its Highwater furniture business and to strengthen our position in the marine furniture market."