Bill Barry-Cotter, founder and CEO of Maritimo, confirmed his company has purchased the assets of Mustang Marine.
Maritimo bought the intellectual property and molds and will maintain the Mustang brand. Distribution will continue through some existing dealers, though boats will also be sold through Maritimo dealers, it was announced.
Barry-Cotter said the purchase was a joint venture between Steve Searle and Maritimo. Searle is expected to take some equipment and other assets, but will have no further involvement in the business.
The Mustang brand was founded in Australia in 1974 and became the country's second-largest boatbuilder and retailer.