Since going public with the news that Nautic Global Group was for sale, rumors and speculation in the boating industry have been the talk at the dock. Well the talking is over and it’s official now. On Monday, James R. (Jim) Malone, Chairman & CEO of Nautic Global Group and Steve Vogel, Chairman, and Jacob Vogel, CEO of Bennington Marine, have announced that the companies have signed a definitive acquisition agreement whereby Bennington Marine will acquire the brands and certain assets and liabilities of Nautic Global Group. Bennington Marine, family owned and operated by the Vogel family since Steve Vogel founded the business in 1997, is the premier maker of pontoon boats in the industry. Nautic Global Group is one of the leading manufacturers of a broad line of some of the best-known brands in the recreational boat industry including: Aqua Patio, Sweetwater, SanPan, Hurricane, Rinker, Godfrey and PolarKraft.
Both Nautic Global Group and Bennington Marine are headquartered in Elkhart, Ind.
Jim Malone stated that “the entire Elkhart area community will benefit from the acquisition of these great boat brands - as this represents a big win for the employees, dealers and customer end users - we’re pleased that the company is being acquired by one of the most highly regarded companies in the boating industry.”
According to Chairman Steve Vogel, “Nautic Global Group is an industry pioneer and has some of the best known, most trusted brands in the industry. We have always respected what the company has accomplished. We look forward to working closely with Nautic’s world-class management team to make the transition as efficient and seamless as possible for employees, vendors and dealers. We believe the Nautic brands resonate strongly with the consumer and are poised to grow significantly in the future while exceeding the high expectations it has continually set for its products and services. Bennington is the ideal partner to help achieve these goals for this business.”
Bennington CEO Jacob Vogel added, “This represents an exciting opportunity for both companies. By putting some of the strongest brands in the marine industry together in one corporate family, we will be able to better provide dealers and consumers with the highest quality, most innovative products and back them with the best services and warranties in the industry. This is truly a historic transaction in the boating industry.”
Malone added that “Having these brands be acquired by a stable, established industry player which knows the segments well, is a great win for our dealers and employees.”
CEO Vogel noted “Current dealers of either or both brands will have opportunities to expand their representation and the companies announced that the intention is to distribute dealer-specific news and meetings scheduled shortly after the closing of the transaction which is anticipated to be October 2, 2015. At this time we are planning on operating these acquired brands and businesses as an organization separate from Bennington, but with the same world class attention to quality and customer service.”
Stephens Inc. served as financial advisor to Bennington Marine. Check back to www.pdbmagazine.com as more information becomes available.
