Acquisitions and Investments

Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.

Priority One Financial mourns accountant

Priority One Financial Services said today that staff accountant Margaret Friauf died Sunday at her home after a battle with cancer. “Margaret was a member of the Priority One family for nearly eight years and contributed to the growth and success of the company,” Priority One said in a statement. “The dealers, lenders and consumers…more

ADP Lightspeed adds user help feature

In the latest release of LightspeedNXT (version 3.9.7) and LightspeedEVO (version 5.6) hosted users of ADP Lightspeed will have access to Service Connect, an integrated smart-help menu designed to provide answers to users’ questions without the need to leave their workflow. Lightspeed said the simple and time-saving feature knows what screen the user is working…more

Private equity group acquires Navigator Yachts

Navigator Yachts Inc., builder of Navigator Yachts and Californian Yachts, has been sold to a private equity investment group and is now operating under the name Navigator Yachts and Products Inc. Alberto Cogliati, who has worked with the company for a dozen years and is now filling the role of general manager, confirmed to Soundings…more

Stock market looks to stay above 14,000 mark

Stock futures are in retreat on the first day of trading after the Dow Jones industrial average struck a new post-recession high. Dow Jones Industrial Average futures are down 44 points to 13,886 after closing above 14,000 Friday, the Associated Press reported. As of this morning, the broader S&P futures have lost 5 points to…more

Priority One employees volunteer in Florida

For the last four years, employees at Priority One Financial Services, the recreational industry’s oldest and largest finance and insurance outsourcing provider, have volunteered their time in November to organizations in Tampa Bay, Fla. On Nov. 2, a group of Priority One employees volunteered at Homeless Emergency Protection. The group prepared and served a lunch…more

Wider Yachts attracts Asian investor

Malaysian billionaire Sri Lim Kok Thay, whose luxury empire spans casinos and cruise liners, is set to buy half of Wider Yachts to expand into Asia, the founder of the Italian company said Tuesday. Wider is the second Italian yacht maker to attract Asian investors. Chinese state-owned Shandong Heavy Industry took control of the Ferretti…more

US Watercraft acquires three boat brands

US Watercraft LLC said today that it acquired the Alerion Yachts, True North and North Rip brands from Pearson Marine Group. Based in Portsmouth, R.I., US Watercraft is the licensed builder of the J/22, J/24, J/80 and J/105 lines of J/Boats and the Farr 30 and Farr 40. US Watercraft said it will service and…more

Financing secured for marine industrial park in China

The Agricultural Development Bank of China is providing a credit line of 7 billion yuan, or $1.12 billion, to support the construction of a marine industrial park. A management committee preparatory group from the Fujian-Taiwan (Fuzhou) Blue Economic Industrial Park and the Fujian provincial branch of the Agricultural Development Bank of China signed a cooperation…more

Greek marine OEM announces acquisitions

Greece-based marine and safety equipment manufacturer Lalizas acquired Nuova Rade, Lofrans’, Max Power and Ocean. The company announced the acquisitions in a statement that also thanked customers for understanding a product shortage. “Time is definitely not an ally and we will definitely be working in getting the production back on track as soon as possible…more

Priority One advises dealers on subprime lending

Boat dealers aren’t losing subprime deals because they can’t get the loans bought. They’re losing them because they don’t explain the terms well enough to the customer — who often doesn’t understand why terms are worse for him now than they were just two or three years ago, even after the recession had hit. That’s…more

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