Latitude Industries set to buy boating supply retailer

Author:
Updated:
Original:

Latitude Industries has successfully completed due diligence of the acquisition of ChampionMarineUSA.com and the purchase is scheduled to close by Sept. 24, the company announced.

"We are excited to complete this acquisition because of the effect the combination of our company with theirs will produce, since the additional sales potential to both of us is critical to drive the growth of both our businesses," said Carolina Hernandez, CEO of Latitude Industries, in a statement.

ChampionMarineUSA.com carries more than 19,000 marine parts, accessories and electronics, as well as clothing items, and it has gross revenues of $500,000 and about 2,500 customers.

"The acquisition offers Latitude the prospect of being able to use the Latitude Powerboats customer database to offer the ChampionMarineUSA.com products while simultaneously making it possible to gain revenues to Latitude Industries Inc. overall from the large ChampionMarineUSA.com customer database," the company said in a statement.

Related

Boat Demand Remains Strong, But Inventory Shortages Prevail

Dealers worry that the absence of new boats is driving up prices.

Electric Boat Company Completes IPO Process

Canada-based e-mobility outfit Vision Marine raises $27.6 million to reinvest in its line of electric vessels and 180-hp, E-Motion outboard.

Besenzoni Introduces Electric-Powered Gangways

The company says it will introduce electric power across its line of ladders, tender lifts and more.

Quick Hits: November 30, 2020

Newmar celebrates 50 years; Pebble Mine permit denied by Army Corps; and several yacht builders will feature Raymarine.

NTSB Calls for Safety Changes After Dive Boat Fire Killed 34

Recommendations included interconnected smoke detectors and alternative escape paths.

Boat Registrations Continued to Soar

Strong demand continued through September.

2020: A Timeline

Changes ahead, changes behind: A long, strange year.

2020: What We Learned

A cross- section of industry leaders weighs in.