Nautic in process to buy Crownline BoatsPosted on
Nautic Global Group, the manufacturer of Rinker Boats and Godfrey Marine brands, entered into a non-binding letter of intent to acquire the assets of Crownline Boats.
“At this time, the actual purchase transaction has not been completed, and Nautic Global Group does not own Crownline,” the company said in a statement. “We are working through a due diligence process with the sellers and our investors, which includes dialogue with the company and its dealer network.”
Elkhart, Ind.-based NGG is the fourth-largest boatbuilder in the United States.
“We are excited at the prospect of Crownline becoming part of the NGG portfolio of brands,” the company stated. “The quality of the dealer network, product and the strength of the brand in the market would create exciting synergies that would position us well as our industry recovers.”
Crownline Boats, which shut down production late last year, recently announced it will not resume full production at its West Frankfort, Ill., facility this week, as previously planned.
“Currently active personnel will continue to serve our dealers and customers; however, production will be deferred pending resolution of Crownline’s previously announced initiative to secure investment capital,” the company said in a statement.
Crownline shut down production in December and had originally planned to reopen in March. In March, the company announced it was pushing back reopening until June.