ELKHART, Ind.--(BUSINESS WIRE)--Steve Vogel, Chairman, and Jacob Vogel, CEO of Bennington Marine and James R. (Jim) Malone, Chairman & CEO of Nautic Global Group, 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. The deal is anticipated to close on October 2.
Commenting on the deal, Bennington Chairman Steve Vogel said, “Nautic Global Group is an industry pioneer and has some of the best known, most trusted brands in the industry – brands that resonate strongly with consumers and are well-positioned for future growth, while exceeding the high expectations Nautic has continually set for its products and services. We have always respected what the company has accomplished and believe Bennington is the ideal partner to help take the Nautic business to the next level. 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.”
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 Bennington Marine and Nautic Global Group are headquartered in Elkhart, Indiana.
“The entire Elkhart area community will benefit from the acquisition of these great boat brands,” said Jim Malone, Chairman and CEO of Nautic Global Group. “This represents a big win for our employees, dealers and customers. We’re pleased that the company is being acquired by one of the most highly regarded companies in the boating industry.”
Bennington is presently planning to operate the acquired brands and businesses as a separate entity. The Nautic brands will be delivered with the same world-class attention to quality and customer service that dealers and customers have come to expect from Bennington Marine.
Bennington CEO Jacob Vogel added, “This represents an exciting opportunity for both companies. By bringing 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. ”
The companies will distribute additional information, including dealer-specific news, shortly after the closing of the transaction.
Stephens Inc. served as financial advisor to Bennington Marine.