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Yacht maker selling brand for $100M
A yacht maker in the region is selling one of its brands to an out-of-state company for $100 million.
Loudon, Tennessee-based Malibu Boats said today it is purchasing Fort Pierce, Florida-based Pursuit Boats from Holland-based S2 Yachts.
The transaction is expected to close later this year, subject to customary closing conditions.
Malibu will fund the transaction with cash and a loan under an incremental revolving credit facility, which will be added to its existing credit facility.
Jack Springer, CEO of Malibu Boats, said the acquisition will create “strong strategic opportunities to enhance product development” across the company’s portfolio of brands.
“Together, we have an opportunity to broaden our outboard offering, while leveraging the manufacturing and design expertise of the respective teams to continue to deliver the premium products customers expect,” Springer said.
The 41-year-old Pursuit Boats line offers 15 models of offshore, dual-console and center-console boats.
Pursuit generated about $124 million in net sales in the 2017-2018 fiscal year.
Founded in 1982, Malibu Boats is designer, manufacturer and marketer of recreational powerboats, including performance sport boats, stern-drive and outboard boats.