Altair Investments has acquired the Marathon Boat Group. Terms were not disclosed.
Marathon Boat Group manufactures canoes, jon boats, fishing boats and pontoons under the Grumman and DuraNautic brands in a 50,000-sq. ft. facility in Marathon, New York.
The company made its first canoe in 1945 with the same lightweight aluminum that Grumman used for aircraft.
Marathon Boat Group sells its boats domestically and exports to Canada, Europe, Asia and Australia.
“In seeking innovation and quality paired with brand equity and outstanding heritage, we could not have found a better acquisition than MBG and its highly skilled team and dealer network,” said Andrew Brickman, managing partner of Altair Investments Inc. in a statement. “We have exciting plans to invest in and grow MBG with expanded product lines as well as develop new product platforms to address current consumer boating needs.”
Altair Investments Inc. is a Chicago-based private equity firm focused on small- and middle-market, industrial-growth businesses. The company said the businesses it acquires have the potential to be transformed into larger, more valuable enterprises.