Deal Provides Access to the Fast-Growing Pontoon Boating Segment
VONORE, Tenn. (GLOBE NEWSWIRE) — MCBC Holdings, Inc. (NASDAQ: MCFT), the parent entity of MasterCraft Boat Company, LLC (“MasterCraft”), and NauticStar, LLC (“NauticStar”), today announced that it has entered into a definitive agreement to acquire Crest Marine, LLC (“Crest”), a leading vertically integrated manufacturer of high-quality pontoon boats in the United States, for approximately $80 million. MasterCraft also expects that approximately $10 million net present value of future net tax benefits will accrue to the combined company. The transaction is expected to close in the fourth quarter of calendar 2018, subject to customary closing conditions, and is anticipated to be immediately accretive to adjusted earnings per share.
Highlights:
- MasterCraft gains leadership position and additional growth avenue in the large, fast-growing pontoon segment
- Crest is a premium brand with a differentiated vertically integrated business model
- Further establishes MasterCraft as a key player in the outboard propulsion category – the largest category in the powerboat industry
- With the acquisitions of Crest and NauticStar, MasterCraft is the only boat manufacturer with three complementary, dedicated brands serving the three fastest-growing segments of the powerboat industry
- MasterCraft’s operational excellence, product development and distribution footprint provide opportunity to further drive growth and margin expansion
Founded in 1957, Crest is privately owned and operated out of a 150,000 square-foot manufacturing facility located in Owosso, Michigan. With more than 60 years of boat manufacturing experience, Crest has a reputation for innovation and quality, with a growing, loyal network of dealers and customers. Read more