MasterCraft Acquires NauticStar,
MasterCraft (NASDAQ:MCFT) has acquired NauticStar, LLC, a leading manufacturer and distributor of 18-28 foot, high-quality bay boats, deck boats and offshore center console boats for
approximately $79.8 million.
Highlights:
• Deal unites two leading, and complementary boating brands
• NauticStar's portfolio adds to MasterCraft's product diversity
• MasterCraft gains presence in salt water fishing and outboard propulsion—
two of the fastest growing segments in the broader boating industry
• The transaction is expected to be accretive to MasterCraft's earnings per
share in fiscal 2018
Founded in 2002, NauticStar, located in Amory, Mississippi, is privately owned and operated. With more than 15 years of boat manufacturing experience—including a 200,000 square-foot manufacturing facility— NauticStar has a reputation for reliability, quality and consistency, with a
loyal network of dealers and customers including professional and sport fishermen, and recreational and pleasure boating enthusiasts. NauticStar currently sells its boats in the United States through an established network of approximately 70 dealers. In calendar year ending 2016, the company generated approximately $63.7 million in net sales and is expected to approach $80 million in net sales for the calendar year ending 2017.
Terry McNew, MasterCraft's President and Chief Executive Officer, commented, "We are very excited to welcome NauticStar to the MasterCraft Family. NauticStar is a well-respected, expertly built and
uniquely positioned brand. The company's outboard bay, deck and offshore center console boats provide MasterCraft with additional product diversity. They also provide MasterCraft a presence in salt water fishing as well as outboard propulsion, two of the fastest growing segments in the broader boating industry."
"Additionally, NauticStar's year-over-year unit growth is among the strongest in the 18-28 foot category and demand domestically currentlyexceeds supply. We look forward to leveraging our industry-leading strengths in operational excellence and financial management to further improve NauticStar's output, quality and margin as we continue their rapid growth."
MasterCraft's acquisition of NauticStar was completed as a simultaneous sign and close. NauticStar will maintain its current headquarters and manufacturing facility in Amory, Mississippi, approximately 300 miles southwest of MasterCraft. The transaction is expected to be accretive to MasterCraft's earnings per share in fiscal 2018.
Said NauticStar owner and founder Phillip M. Faulkner, "MasterCraft is an iconic brand known for quality, performance and innovation. Our entire organization is excited to join their team, and leverage their experience and operational know-how to further grow NauticStar. This is a great opportunity for all of our employees, as well as customers and dealer partners."
Concluded McNew, "As a combined organization, we have the resources and experience to greatly expand NauticStar's distribution both domestically and internationally after satisfying the demand from the existing dealer network. We look forward to working together to deliver profitable and sustainable market share growth, and driving efficiency in every area of our business."
About NauticStar Boats
Founded in 2002, NauticStar is a privately held limited liability company located on 17 acres in Amory Mississippi. With more than 200,000 square feet of manufacturing floor space, NauticStar is one of
the top producers of high quality bay boats, deck boats and offshore center console boats from 18 to 28 feet. Professional and sport fishermen, recreational and pleasure boating enthusiast appreciate the many standard and available features that are offered by NauticStar for a customized fit for their lifestyle. For more information on NauticStar Boats' full line of boats, visit www.NauticStarBoats.com or call 662-256-5636 for your local NauticStar dealer.
About MasterCraft/MCBC Holdings, Inc.
Headquartered in Vonore, Tenn., MCBC Holdings, Inc. (NASDAQ:MCFT) is the parent entity of MasterCraft Boat Company, a world-renowned innovator, designer, manufacturer, and marketer of
premium performance sport boats. Founded in 1968, MasterCraft has cultivated its iconic brand image through a rich history of industry leading innovation, and more than four decades after the original MasterCraft made its debut the company's goal remains the same – to continue building the world's best ski, wakeboard, wakesurf and luxury performance powerboats. For more information, visit www.mastercraft.com.
King & Spalding LLP served as legal advisor to MasterCraft. Legacy Capital Advisors, LLC served as financial advisor to NauticStar on the transaction.
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