Acquisitions and Investments

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

Family buys back DuraCraft brand

The Ward family, manufacturer of War Eagle aluminum boats, reacquired DuraCraft. Terms of the deal were not disclosed. Bill and Chick Ward established DuraCraft in 1945, but the family sold the business in 1984. Since then, the DuraCraft name has been bought and sold multiple times. In 1992, a third generation of Wards — Mike…more

Northpoint now offers marine financing

Northpoint Commercial Finance LLC, a diversified non-auto inventory finance company, announced it entered the marine industry and is “aggressively contacting manufacturers and dealers.” The Alpharetta, Ga.-based company’s primary goal is to provide credit lines supported by competitive programs, a state-of-the-art online management system and an “easy to do business with” approach. “We are very excited…more

Zim Sailing acquires Byte CII dinghy

Zim Sailing announced that its product line of Optimist, C420 and CFJ will expand to include the Byte CII dinghy. “This is a very exciting time for Zim Sailing,” said company president Steve Perry, who recently acquired the Byte CII from PS2000 and will serve as the exclusive builder and distributor for the CII. “The…more

MirroCraft Boats has new owner

MirroCraft Boats, a privately owned fishing boat builder in Gillett, Wis., announced that its existing management team has bought the company from Northport Corp. This buyout will allow MirroCraft to continue building aluminum fishing and fish-and-ski boats at the current location with no disruption, the new owners said in a statement. “Everyone here at MirroCraft…more

Chesapeake Ranger Tugs has new owner

Mark and Tony Schulstad, owners of Mass Enterprises and Cutwater Marine Sales, acquired Chesapeake Ranger Tugs, formerly owned by Chuck Wistar. Cutwater Marine Sales is part of a yacht dealership based in Grasonville, Md., and Mark Schulstad will retain the Chesapeake Ranger Tugs office in Annapolis, Md. Both locations will give customers access to Ranger…more

Asmo Marine undergoes name change

Asmo Marine, the Danish company that manufactures Thoosa inboard electric propulsion systems, changed the name of the company to Clean E Marine and formed a new distributing company for the North American market. This company, Clean E Marine Americas, is based in Annapolis, Md., and is setting up regional dealers and distributors throughout North America.…more

Phoenix Boats plans expansion in Tennessee

Phoenix Boats announced plans to purchase a new facility and will be expanding it to increase production. “Sales have continued to outpace our production capabilities,” company president Gary Clouse said in a statement. ”We are purchasing a 75,000-square-foot building on 10 acres in Winchester, Tenn., and will be renovating it to our specifications for a…more

Marine hardware manufacturer announces expansion

Gem Products, a designer and manufacturer of Gemlux stainless-steel marine hardware, is broadening its market base and expanding into the industrial market segment, the company announced. With its expansion, Gem Products serves several well-known companies. American Emergency Vehicles, an ambulance manufacturer, is using stainless-steel eye straps that Gem developed. Safety Kleen, an industrial waste recycling…more

Nyco Products acquires marine brand

Nyco Products announced that it acquired Manufacturers’ Sales Agency and its marine cleaning brand Zing Ahead Products. The sale was completed Feb. 20. Terms of the deal were not released. Nyco has been manufacturing, warehousing and distributing Zing Ahead products under a 12-year contract agreement and will now be taking over marketing and all customer…more

MIAMI: GE Capital’s Van Wagoner sees industry upswing

MIAMI – In a wide-ranging interview with Soundings Trade Only, Bruce Van Wagoner, president of the Marine Group at GE Capital Commercial Distribution Finance, reiterated his belief that the industry is on the upswing and opportunities abound for those willing to seek them out. “We are very positive of the health of the industry,” he…more

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