he's using a combination of CSS and header (h tag) effects to have literally hundreds of "links"... "hidden" on that page. literally... hundreeeeeeeedddddddddsssssssss. of all kiiiiiiiiinds of sites. Yours included.

And the intent is to get search engine traffic off of their respective domain name searches.

Yours included.

But it shouldn't really reach the point where he outranks you.

But yes, the intent definitely is to try and get SE traffic off of searches run for other peoples' domain names.

Whereas it is illegal to use trademarked terms in metatags and code in an effort to capitalize off of that other company's success/brand/name it's a difficult thing to address, especially if you both have a business relationship and his intent can't be necessarily verified. And of course that's assuming you have the term trademarked.

But I'm gettin' ahead of myself.
To answer the original question... yes. He's tryin' to get your SE traffic.