Malibu Boats Acquires Maverick Boat Group
Malibu Boats, Inc. announced it has closed the acquisition of Maverick Boat Group, Inc. The transaction was funded with cash on hand and borrowings under its credit facility.
Maverick designs and manufactures center console, dual console, flats and bay boats and has a strong reputation as a pioneer in flats and bay boats. With two manufacturing facilities located in Fort Pierce, Florida, Maverick designs and manufactures the Cobia, Pathfinder, Maverick, and Hewes brands.
“As a strong, recognized player in the center console and bay boat category, Maverick is a fantastic addition to our portfolio of industry-leading brands and underscores the strength of our M&A strategy,” commented Jack Springer, Malibu Boats CEO. “Maverick is highly complementary to Pursuit, expanding our saltwater outboard offerings with a strong focus in length segments under 30 feet. In particular, Maverick will allow us to not only leverage strong growth momentum, but also increase production capacity and seize previously untapped demand. We see an amazing opportunity ahead of us as we leverage the strengths of Malibu and Maverick to continue to deliver innovative boats to our customers, while driving long-term growth and profitability for our shareholders.”
“Over the last 35 years, Maverick has prioritized its culture on building strong relationships with our team members and customers, while maintaining a continued focus on performance and productivity. Malibu is a perfect partner that shares the same passion for boating, coupled with its ability to drive long-term, profitable growth.” said Scott Deal, CEO of Maverick Boat Group.
In connection with the acquisition, Malibu added a $25 million incremental term loan facility to its existing credit facility and increased the available borrowing capacity under its revolving credit facility to $170 million.