Acquisitions and Investments

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

Glendinning Marine Products has new owner

Orscheln Products LLC acquired a majority interest in Glendinning Marine Products. Bob Orscheln, CEO of Moberly, Mo.-based Orscheln Products, said in a statement that John Glendinning will continue to serve as president of Glendinning Marine Products. Glendinning, which is based in Conway, S.C., was founded in 1972 by Hylands Glendinning. During the last 27 years,…more

Action Craft Boats has new owner

Action Craft Boats, including the Coastline and Coastal Bay brands, was sold by Flatsmaster Marine to CK Prime Investments, which announced that production resumed earlier this summer. CK Prime Investments president Chad Kovarik plans to keep the brand names in place. “I am excited to have an opportunity to be the new owner and restart…more

Ebbtide Boats sold to Chinese company

The company 321 Capital Partners LLC announced that it completed the sale of fiberglass sportboat builder Ebbtide Corp. to a privately held Chinese investment company. Ebbtide, based in White Bluff, Tenn., builds fiberglass sportboats and recreational boats at a 150,000-square-foot facility. “Selling your company that you have been operating for 44 years is bittersweet,” Ebbtide…more

Northwest builder adds workers with new contract

A Washington state boatbuilder announced its second large contract in two months to build boats for the U.S. military. Safe Boats International, a 15-year-old company based in Bremerton, will increase its work force by 13 percent to meet the new demand, according to the Kitsap Sun. Under the newest contract with the Coast Guard, Safe…more

Norwegian builder moves production abroad

Norwegian boatbuilder Windy Boats has become the latest Scandinavian manufacturer of pleasure craft to move production abroad to combat high costs. About 50 people will lose their jobs in the southern coastal city of Arendal when production moves to Poland and Sweden, according to The Norway Post. Norwegians love their boats and local marinas are…more

Finance company names new sales team

Northpoint Commercial Finance, a newly formed diversified inventory finance company based in Alpharetta, Ga., announced a new sales team. Vice president of sales Russell Baqir is leading Northpoint’s sales team and is based in the Alpharetta headquarters. As the former president of Textron Financial’s marine division, Russell has more than 24 years of distribution finance…more

Aero-Marine expands in Southern California

Aero-Marine LLC is expanding into a larger Southern California location better suited for making and thermoforming custom acrylic and polycarbonate components. The new building is at 13052-B Dahlia St. in Fontana and it has 6,000 more square feet of space for the powerboat windshield and canopy maker. “Not only will our production be able to…more

Founder buys back Turkish boatbuilder

The founder and former owner of Istanbul, Turkey-based Numarine Performance Yachts is once again taking the helm. Founder Omer Malaz hopes to expand the brand, with yachts ranging from 55 to 130 feet, into emerging markets, such as South America, Lebanon and Hong Kong. A joint venture with Abraaj Capital Group in 2008 helped Numarine…more

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

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