Brunswick Corp. today announced it sold its Sealine brand of boats, based in Kidderminster, U.K., to The Oxford Investment Group.
Terms of the transaction were not disclosed. The company is determining the amount of restructuring charge associated with the transaction.
“This decision was part of our strategic review to further refine our product portfolio and to best concentrate our resources on our continuing brands and the marine segments in which we compete,” chairman and CEO Dustan McCoy said in a statement.
“A primary goal at Brunswick going forward is to better exploit our opportunities for organic growth and to gain share in the marketplace. For the past several years, we have been steadily transforming our operating model and business structure to be more consistent with the changing marine market,” he added. “With the global presence of Sea Ray, Bayliner, Meridian, Hatteras and Boston Whaler, as well as our involvement in regional brands around the globe, Brunswick maintains its leading presence in the world's marine markets.”
Selwyn Isakow, chairman of the Oxford Investment Group, said, “We have been looking to enter the leisure marine sector for some years and it was important for us to find the right business. Sealine has produced some world beating boats in the last five years and their success, with a rejuvenated brand in a difficult market, is a fantastic story.”
Isakow, together with fellow investor Conrad Prebys, plans to expand Sealine’s international presence and will be looking to add other marine brands to the company's portfolio, he said.
Marine industry veteran James Bursey, of the Oxford Investment Group, will assume the role of managing director, the company said.
Sealine was established in 1972 and bought by Brunswick in 2001.