General Electric is selling its commercial leasing and lending businesses, which carry more boat dealer floorplan financing than any other lender, to Wells Fargo as the conglomerate continues to shed businesses and refocus attention on its industrial core.
Acquisitions and Investments
Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.
Portland, Maine-based DiMillo’s Yacht Sales said it acquired Acadia Yachts Sales, a yacht dealership and brokerage firm in Oxford, Md., that represents Sabre Yachts, Back Cove Yachts and Coastal Craft.
Pontoon manufacturer Bennington Marine announced today that it completed the acquisition of the brands and “certain assets” of Nautic Global Group LLC and is assuring dealers and customers that all of the brands will continue to function independently.
True to Jim Malone’s upfront style, the newly reinstalled Nautic Global Group CEO says he isn’t sure whether the company will be sold as a whole or brand by brand. But, Malone says, he thought it best to put rumors to rest by clarifying the sale situation to the extent possible.
Marine Mat said it filed a patent application titled Removable Foam Traction Mat that claims the benefit of an earlier filed provisional patent.
Pontoon builder Bennington Marine bought Nautic Global Group and its eight boat brands.
Action Craft Boats said it is partnering with the Tampa, Fla.-based Suncoast Credit Union to secure a U.S. Small Business Administration loan in an effort to match production with demand.
Wake Tractor chose Crusader Engines’ Challenger series as its exclusive engine provider.
A journalist along on a sea trial at the Cannes Yachting Festival died when she jumped off a speeding RIB Saturday night.
Looking to transform the $121 billion marine industry, peer-to-peer boat-sharing companies Boatsetter and Cruzin recently merged.