Malibu Boats has signed a definitive agreement to acquire the assets of Pursuit Boats from S2 Yachts. A Malibu statement said the purchase would be for $100 million. It is expected to close in the fourth quarter. Malibu said it will fund the transaction with cash on hand and a borrowing under an incremental revolving credit facility to be added to its existing credit facility.
Malibu, which acquired Cobalt Boats in June 2017, said the acquisition would expand its brand offerings into the saltwater outboard fishing market. It also said it would give the company the ability to leverage manufacturing, design expertise and distribution to accelerate outboard growth.
Pursuit, located in Fort Pierce, Florida, builds 15 models of offshore, dual console and center console boats. The saltwater outboard fishing market is one of the largest and fastest growing segments in the marine industry. Pursuit is considered a leader in that sector, with a premium market position. It 12-month net sales through June 2018 were about $124 million.
“Pursuit is an incredible addition to the Malibu family,” said Jack Springer, CEO of Malibu Boats. “This highly complementary business creates strong strategic opportunities to enhance product development across our portfolio of brands. Together, we have an opportunity to broaden our outboard offering, while leveraging the manufacturing and design expertise of the respective teams.”
The Slikkers family will continue to own and operate Tiara Yachts and Tiara Sport under the S2 Yachts.