Nautic in process to buy Crownline Boats

Posted 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.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

Did 2014 meet your sales expectations?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password