Drew Industries Acquires Highwater Marine Furniture Division

Elkhart, Indiana-based Drew Industries announced in late January that it has purchased the pontoon boat furniture manufacturing operation of Highwater Marine for a reported $10 million. The company will now operate under Drew’s wholly-owned subsidiary, Lippert Components.

Highwater had been the furniture supplier for the Sanpan, Aqua Patio and Sweetwater pontoon brands manufactured by Nautic Global Group, which was acquired by Bennington Marine in September. The sale of Highwater Marine to Drew Industries/Lippert comes with a five-year supply agreement as part of the transaction.

“Strategically and culturally, our Highwater furniture division will be in great hands at Lippert,” said Bennington Marine CEO, Jake Vogel. “We are entrusting our employees and our furniture supply business with a company that both specializes in furniture manufacturing and is a wonderful cultural fit with our business. We are excited about this long-term strategic relationship with our new partner Lippert Components.”

A long-time supplier of parts to the RV and manufactured housing industries, Lippert Components entered the marine furniture business last summer. “Building on our August 2015 acquisition of Signature Seating in Fort Wayne, Indiana, this acquisition will further expand our marine furniture capacity by adding the Highwater manufacturing facility in Elkhart to the LCI footprint,” said Drew Industries 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.”