Brunswick Corp. said today that it sold Triton Boats to Fishing Holdings, an affiliate of Platinum Equity.
Terms of the transaction were not disclosed.
"This decision was part of our ongoing strategic review to further refine our product portfolio and best focus our resources on those brands and marine segments that we believe are core to our success going forward," Brunswick chairman and CEO Dustan E. McCoy said in a statement. "As such, Brunswick will maintain its leadership position in the recreational and fishing boat markets, with a strong presence in the freshwater and sportfishing segments, as well as leading brands in the runabout/cruiser and yachts segments."
Known for its quality bass boats and saltwater fishing boats, Triton also builds separate lines of aluminum, pontoon, ski and walleye boats. The company was founded by industry veteran Earl Bentz.
Brunswick will retain the rights to certain intellectual property and other rights to Triton aluminum boats and will continue to sell those models under license as part of Brunswick's aluminum portfolio.
In connection with the transaction, the production of Triton fiberglass boats will be relocated from Ashland City, Tenn., to Flippin, Ark. Lund fiberglass manufacturing will be moved to the Brunswick Boat Group's Tellico fiberglass boatbuilding facility in Vonore, Tenn. Trophy fiberglass fishing boats will be built in Ashland City through the remainder of the year as Brunswick evaluates strategic alternatives.
Those boats will continue to be built at Brunsick's Lebanon, Mo., aluminum manufacturing facility. Brunswick's Cypress Cay pontoon boats, which are manufactured in Fort Wayne, Ind., and carried by many Triton dealers, are not affected by this transaction.
Brunswick's Mercury Marine unit will continue to supply propulsion systems to Triton and Fishing Holdings' other brands.
As a result of these actions, Lake Forest, Ill.-based Brunswick said it estimates that associated restructuring charges could total between $18 million and $20 million, pretax, of which $15 million was recorded in Brunswick's second-quarter financial results.