MasterCraft parent company MCBC Holdings has named Tim Schiek as president of NauticStar, a boatbuilder the company acquired Oct. 2.
Schiek, 49, spent more than 20 years at Brunswick Corp., most recently as president of its Recreational Boat Group and Sea Ray, and will replace interim president Jim Orbik. Schiek left Brunswick last December during a restructuring.
“We are very excited to welcome Tim as the new president of NauticStar,” said MasterCraft and MCBC Holdings president and CEO Terry McNew in a statement. “Tim is a seasoned marine industry veteran — most recently serving as president of Brunswick’s Recreational Boat Group and Sea Ray. Not only has he successfully run multiple well-known marine brands, he also brings keen financial, operational and dealer relationship experience. His expertise will be invaluable as we work to improve NauticStar’s output, quality and margin and continue their rapid growth.”
McNew told Trade Only Today following the purchase of NauticStar that he plans to ramp up production to meet current demand at the company. MCBC Holdings also will make initial investments in general and administrative expenses.
“I’m a stickler for safety and housekeeping,” McNew said. “You know my background. I’ve done everything from work on the floor to running the largest PD&E program in the marine world. I want to convey to employees that we know what they go through and we want to make their jobs safer and more productive.”
The company purchased Amory, Miss.-based NauticStar, builder and distributor of 18- to 28-foot bay boats, deck boats and offshore center consoles, for about $79.8 million, giving MasterCraft a presence in the growing saltwater fishing and outboard propulsion segments. NauticStar boats will continue to be manufactured at the company’s current 200,000-square-foot facility.
The transaction is expected to be accretive to MasterCraft’s earnings per share in fiscal 2018.
“They’re about nine units a day. We want to increase that,” McNew said. “We think we can grow that 15 to 20 percent in units the first year. Depending on if we have to add bricks and mortar, which I’m not a big fan of, if we can continue to do that without adding capital — that just affects the timing — I think there’s an additional 25 to 30 percent upside beyond the original increase.”
During Schiek’s career at Brunswick he also served as president of the Boston Whaler Group and the fiberglass fish boat category, and before that as president of Harris Kayot.
In addition to experience in strategic and financial planning and operations management, Schiek also brings knowledge in product development, consumer insights and innovation and product portfolio management, the company said.
“NauticStar is a well-respected, expertly built and uniquely positioned brand,” Schiek said. “Moreover, it serves two of the fastest-growing segments in the boating industry. I look forward to working with their team and leveraging my experience and operational know-how to further grow NauticStar and ultimately expand their distribution reach. I am committed to capitalizing on the great foundation and brand that Phil Faulkner, founder, built.”