Acquisitions and Investments

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

API Marine forms new company after acquisition

API Marine is spinning off the assets of the former Advanced Hydraulic Systems to form a new company, Hydradynamic Systems Inc., the company announced. Last May, API Marine acquired the assets and intellectual property of AHS, formerly of Winchester, Ky. In the last year, AHS’s products, technology and engineering have been incorporated into API’s facility…more

Investment group buys Lauderdale service shop

Nautic and Co America, a full-service yacht repair company based at the Lauderdale Marine Center in Fort Lauderdale, recently announced that it was purchased in October 2009 by an investment group looking to expand into the marine industry. The holding company, Nautic Enterprises LLC, consists of six investors from around the country. “From our perspective,…more

Global Satellite USA has new headquarters

Fort Lauderdale-based Global Satellite USA purchased a new, 5,000-square-foot office that includes a showroom divided into manufacturer sections and broken down by product family. With the new space, Global Satellite USA will now be able to hold training programs on a regular basis, the company said. “We have been considering moving offices for a while…more

Cruising clubs announce alliance

The Cruising Rally Association and World Cruising Club Ltd. are joining forces, the groups announced. The Cruising Rally Association is best known as the organizer of the annual Caribbean 1500 Rally from Hampton, Va., to the British Virgin Islands. World Cruising Club Ltd. is the organizer of the Atlantic Rally for Cruisers, from Las Palmas…more

Dealer exemption included in financial regulation bill

Boat dealers, along with auto and RV dealers, will be exempt from oversight by a new federal consumer financial protection bureau in a bill agreed upon early Friday morning by a congressional conference committee. The bill now goes to the House and Senate for approval, then to President Barack Obama to sign, likely before the…more

European verification service sold

Earlier this month, one of the certifiers for the European Union’s Recreational Craft Directive standards for vessels eight to 80 feet changed hands when Alasdair Reay purchased the verification services division of the operations consultancy and training firm Human Performance Improvements. Reay resigned as CEO of certification standards firm CEproof to take the helm at…more

Sunseeker sold to Irish investor

FL Partners, based in Dublin, Ireland, purchased a significant majority stake in the British luxury yacht manufacturer Sunseeker International. Together with a number of U.K. and Irish investors, FL Partners, which owns the horse-racing paper Racing Post, has provided about $36 million of new capital to Dorset, England-based Sunseeker. Sunseeker, which employs more than 2,300…more

Tax credits spur boatbuilder’s relocation

Wisconsin Gov. Jim Doyle announced this week that Lake Assault Boats will receive $111,000 in tax credits from the Commerce Department’s economic development tax credit program to move production from Minnesota to Superior, Wis. “One of my top priorities is to help move companies and communities forward and create good-paying jobs for our citizens,” Doyle…more

Aussie boatbuilder Mustang purchased

Australia’s Mustang Marine has been sold to a “prominent Gold Coast businessman,” according to a statement from the company’s voluntary administrators. “Mustang had been investing heavily in research and development and was in the process of launching a number of new boats. However, the effects of the global economic crisis weighed heavily on Mustang’s financial…more

Bill might not include boat dealer exemption

An amendment to the Bureau of Consumer Financial Protection bill by Sen. Sam Brownback, R-Kan., would exempt car dealers from certain financial paperwork. If passed, the amendment – which currently does not exempt boat dealers – could indirectly leave the marine industry with increased length-of-cancellation periods after the signing of financial contracts and limited compensation…more

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