Private equity firm buys stake in Seamaster Marine Products

Author:
Updated:
Original:

CXO Collective International, a private equity and consultancy business, announced its acquisition of a significant stake in Seamaster Marine Products International, a manufacturer and distributor of marine LED lighting products.

“The marine industry has recently emerged from a great recession as a growth sector and Seamaster is well poised to take advantage of this,” the company said in a statement. “The company delivers high-quality fit and finish in its products, allowing avid boaters to enhance the look and function of their watercraft. CXO is bringing together its capital and talent into the deal to allow for execution of the business plan at a trajectory not possible with Seamaster’s existing operational capacity.”

“At CXO, we are leading by example, focusing on infusing financial and human capital into successful and growing businesses in order to accelerate the creation of jobs,” CXO Collective co-founder Corbin Cowan said in a statement. “As the next logical step in our partnership with Seamaster, we are leveraging our deep and wide talent bench to bring much-needed resources to this growing company. This acquisition is one driven by both our members and executive team, who see the clear potential for growth.”

With a full line of high-efficiency lighting products, Seamaster allows boats of all sizes to enjoy a level of quality once reserved for large luxury yachts.

“We encourage our customers and distribution partners to celebrate this milestone in the growth of our company,” Seamaster Marine Products CEO John Harwood said in a statement. “CXO is bringing its resources to the dock for Seamaster, and we’re ready to set sail toward even greater success with this partnership. Our charted course includes an expansion of our core product line and several new offerings.”

Click here for the full release.

Related

Patrick Industries Acquires Taco Metals

The components manufacturer had been family-owned for 60 years.

Consumers Say E15 Warning Labels Are Ineffective

A new poll shows that current branding efforts do not adequately warn consumers to the risk and legality of using the blended fuel with certain engines.

Silent-Yachts’ New Project

The Austrian solar yacht outfit will use VW’s electric drive system on a vessel to be drawn by Spanish car brand Cupra.

Industry Mourns Christopher Ramirez

A regional sales manager at Garmin, Ramirez died suddenly at age 35 last month.

Quick Hits: December 1, 2020

Freedom Boat Club announces 250th location; ShoreMaster/Hydrohoist acquires Neptune Boat Lifts; MarineMax names brand manager; and Arkansas scientists study fishing license increase.

Our Great Lakes Are Battered and Need Help

The eight-state region that accounts for one-third of annual boat sales has seen unprecedented damage from high waters. A bipartisan legislative effort looks to protect the region and its small businesses.

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.