Archive for » October 2nd, 2017«

NauticStar Boats acquired for nearly $80M

Whenever Dennis Seid posts new content, you’ll get an email delivered to your inbox with a link.

Email notifications are only sent once a day, and only if there are new matching items.


Similar news:

MasterCraft Acquires NauticStar, LLCDeal Unites Two Leading and Complementary Boating Brands

VONORE, Tenn., Oct. 02, 2017 (GLOBE NEWSWIRE) — MasterCraft (NASDAQ:MCFT) today announced that it has acquired NauticStar, LLC, a leading manufacturer and distributor of 18-28 foot, high-quality bay boats, deck boats and offshore center console boats for approximately $79.8 million.

Highlights:

  • Deal unites two leading, and complementary boating brands
  • NauticStar’s portfolio adds to MasterCraft’s product diversity
  • MasterCraft gains presence in salt water fishing and outboard propulsion—two of the fastest growing segments in the broader boating industry
  • The transaction is expected to be accretive to MasterCraft’s earnings per share in fiscal 2018

Founded in 2002, NauticStar, located in Amory, Mississippi, is privately owned and operated. With more than 15 years of boat manufacturing experience—including a 200,000 square-foot manufacturing facility—NauticStar has a reputation for reliability, quality and consistency, with a loyal network of dealers and customers including professional and sport fishermen, and recreational and pleasure boating enthusiasts. NauticStar currently sells its boats in the United States through an established network of approximately 70 dealers. In calendar year ending 2016, the company generated approximately $63.7 million in net sales and is expected to approach $80 million in net sales for the calendar year ending 2017.

Terry McNew, MasterCraft’s President and Chief Executive Officer, commented, “We are very excited to welcome NauticStar to the MasterCraft Family. NauticStar is a well-respected, expertly built and uniquely positioned brand. The company’s outboard bay, deck and offshore center console boats provide MasterCraft with additional product diversity. They also provide MasterCraft a presence in salt water fishing as well as outboard propulsion, two of the fastest growing segments in the broader boating industry.�

“Additionally, NauticStar’s year-over-year unit growth is among the strongest in the 18-28 foot category and demand domestically currently exceeds supply. We look forward to leveraging our industry-leading strengths in operational excellence and financial management to further improve NauticStar’s output, quality and margin as we continue their rapid growth.�

MasterCraft’s acquisition of NauticStar was completed as a simultaneous sign and close. NauticStar will maintain its current headquarters and manufacturing facility in Amory, Mississippi, approximately 300 miles southwest of MasterCraft. The transaction is expected to be accretive to MasterCraft’s earnings per share in fiscal 2018.

Said NauticStar owner and founder Phillip M. Faulkner, “MasterCraft is an iconic brand known for quality, performance and innovation. Our entire organization is excited to join their team, and leverage their experience and operational know-how to further grow NauticStar. This is a great opportunity for all of our employees, as well as customers and dealer partners.�

Concluded McNew, “As a combined organization, we have the resources and experience to greatly expand NauticStar’s distribution both domestically and internationally after satisfying the demand from the existing dealer network. We look forward to working together to deliver profitable and sustainable market share growth, and driving efficiency in every area of our business.�

Conference Call and Webcast Information

MasterCraft will host a live conference call and webcast to discuss its acquisition of NauticStar today, October 2, 2017, at 10:00 a.m. EDT. To access the call, dial (800) 219-6861 (domestic) or (574) 990-1024 (international) and provide the operator with the conference ID 93794628. Please dial in at least 10 minutes prior to the call. To access the live webcast, go to the investor section of the company’s website, www.mastercraft.com, on the day of the conference call and click on the webcast icon.  

For an audio replay of the conference call, dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and enter audience passcode 93794628. The audio replay will be available beginning at 1:00 p.m. EDT on Monday October 2, 2017, through 1:00 p.m. EDT on Monday, October 16, 2017.

About NauticStar Boats
Founded in 2002, NauticStar is a privately held limited liability company located on 17 acres in Amory Mississippi. With more than 200,000 square feet of manufacturing floor space, NauticStar is one of the top producers of high quality bay boats, deck boats and offshore center console boats from 18 to 28 feet. Professional and sport fishermen, recreational and pleasure boating enthusiast appreciate the many standard and available features that are offered by NauticStar for a customized fit for their lifestyle. For more information on NauticStar Boats’ full line of boats, visit www.NauticStarBoats.com or call 662-256-5636 for your local NauticStar dealer.

About MasterCraft/MCBC Holdings, Inc.
Headquartered in Vonore, Tenn., MCBC Holdings, Inc. (NASDAQ:MCFT) is the parent entity of MasterCraft Boat Company, a world-renowned innovator, designer, manufacturer, and marketer of premium performance sport boats. Founded in 1968, MasterCraft has cultivated its iconic brand image through a rich history of industry-leading innovation, and more than four decades after the original MasterCraft made its debut the company’s goal remains the same – to continue building the world’s best ski, wakeboard, wakesurf and luxury performance powerboats. For more information, visit www.mastercraft.com.

King Spalding LLP served as legal advisor to MasterCraft. Legacy Capital Advisors, LLC served as financial advisor to NauticStar on the transaction.

Forward-Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995).  Forward-looking statements can often be identified by such words and phrases as “believes,� “anticipates,� “expects,� “intends,� “estimates,� “may,� “will,� “should,� “continue� and similar expressions, comparable terminology or the negative thereof, and include statements in this press release concerning NauticStar’s expected net sales for 2017, our ability to continue to rapidly grow the NauticStar brand, the growth of the salt water fishing and outboard propulsion segments, the anticipated operational and cost synergies from the transaction, the expected impact of the transaction to our earnings in fiscal 2018, our ability to satisfy the demand from the existing dealer network and to greatly expand NauticStar’s distribution, our ability to deliver profitable and sustainable market share growth and to drive efficiencies in our business.

Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including general economic conditions, demand for our products, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our large fixed cost base, and the successful introduction of our new products.  In addition, the forward-looking statements in this press release may be impacted by our ability to successfully integrate NauticStar and to realize the synergies we believe can be achieved from the transaction.  These and other important factors discussed under the caption “Risk Factors� in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017, filed with the Securities and Exchange Commission (the “SEC�) on September 8, 2017, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements.  The discussion of these risks is specifically incorporated by reference into this press release.

Contacts:
Tim Oxley
Chief Financial Officer
(423) 884-2221
Tim.Oxley@mastercraft.com 

Matt Sullivan
(612) 455-1709
Matt.Sullivan@padillaco.com 


Similar news:

A house on State Road A1A tops the sales list

The top real estate transaction for the week of August 24-30 is in Atlantic Beach. William and Erika Everett, of Hackettstown, New Jersey, sold 2656 Ocean Shore Blvd. to Ian and Deanna McDonald, and Janet Holland, of Bartlesville, Oklahoma, for $685,000. Built in 1983, the house has four bedrooms, 2.5 baths, a swimming pool, fireplace and 2,223 square feet.

 

Condos

Arthur and Benita Sirkin, of Keller, Texas, sold 1200 Cinnamon Beach Way, Unit 141, to Fernando and Ivone Carneiro, of Palm Coast, for $315,000. Built in 2004, the condo has three bedrooms, three baths and 2,003 square feet. It sold in 2004 for $508,300.

 

Fannie Mae Association, of Dallas, sold 1100 Cinnamon Beach Way, Unit 1032, to Maria and Alfredo Julian, of Palm Coast, for $279,000. Built in 2004, the condo has three bedrooms, two baths and 1,682 square feet. It sold in 2005 for $563,400.

 

Steven and Lynne Fraas, individually and as trustees, sold 9 Ocean Palm Villas N., Unit 9, to Bette Nagele, of Flagler Beach, for $212,500. Built in 1979, the condo has two bedrooms, two baths and 1,184 square feet. It sold in 2014 for $170,000.

 

Atlanta Beach

Daniel Lafferty and Robyn Capece sold 2659 Annette St. to Michael White, of Flagler Beach, for $389,500. Built in 2005, the house has three bedrooms, 2.5 baths, a fireplace and 2,329 square feet. It sold in 1999 got $91,500.

 

Grand Haven

Jerald Greenwood and Cynthia Shirk, of Sun City Center, sold 52 Lagare St. to Thomas and Barbara Sweeney, as trustees, for $334,075. Built in 2002, the house has three bedrooms, two baths and 2,320 square feet. It sold in 2010 for $320,000.

 

Hammock Dunes

Jim and Pat Cable, of DeLand, sold 6 Monterrey Drive to Frank Secades Jr. and Mary Schmidt, of Palm Coast, for $429,000. Built in 1993, the house has three bedrooms, 3.5 baths, a swimming pool, fireplace and 2,682 square feet. It sold in 2000 for $322,000.

 

Indian Trails

Lisa Izzo and John Branco, of Flagler Beach, sold 73 Bickford Drive to Bartholomew Erato, of Palm Coast, for $265,000. Built in 1991, the house has three bedrooms, 2.5 baths, a fireplace, boat dock, swimming pool and 2,097 square feet.

 

Yvonne Ruediger, individually and as trustee, sold 51 Bird of Paradise Drive to Michael and Teresa George, of Palm Coast, for $225,000. Built in 1999, the house has three bedrooms, two baths, a swimming pool and 1,726 square feet. It sold in 2000 for $140,000.

 

Frank Muelhausen, of Palm Coast, sold 111 Brittany Lane to Thomas and Teresa Stuehler, of Jacksonville Beach, for $217,500. Built in 2003, the house has three bedrooms, 2.5 baths and 1,980 square feet.

 

Mortgage Equity Conversion Asset Trust, as trustee, sold 253 Beechwood Lane to Kevin Ward, of Palm Coast, for $125,000. Built in 1984, the house has three bedrooms, two baths and 1,672 square feet. It sold in 1987 for $60,000.

 

Lehigh Woods

Nadiia Chetvertak sold 146 Ryberry Drive to Ivanna Zakhariiv and Volodymyr Tsiurpita, of Palm Coast, for $260,000. Built in 2005, the house has three bedrooms, three baths, a swimming pool and 2,298 square feet. It sold in 2005 for $238,000.

 

Seagate Homes LLC, of Palm Coast, sold 9 Riding Place to Jason Azbilland and Jennifer Azbill, of Catonsville, Maryland, for $219,700. Built in 2017, the house has three bedrooms, two baths and 2,208 square feet.

 

Vitaliy Usov and Tatyana Usova, of Palm Coast, sold 23 Riverside Lane to Nancy Mills, of Palm Coast, for $194,900. Built in 2016, the house has three bedrooms, two baths and 1,600 square feet. It sold in 2016 for $175,000.

 

Palm Harbor

Marvin and Brenda Ward, of Yulee, sold 23 Crossbow Court to Ronald and Kayleen Quinn, of Ocala, for $380,000. Built in 1980, the house has three bedrooms, 3.5 baths, a fireplace, boat dock, swimming pool and 2,326 square feet. It sold in 1998 for $162,500.

 

Helen Westenberg, of Holland, Michigan, sold 4 Columbia Lane to Donna Sanders, of Palm Coast, for $300,000. Built in 1987, the house has four bedrooms, 2.5 baths, a boat dock and 2,454 square feet.

 

Leslie and Paticia Town sold 30 Fillmore Lane to Shawn and Melisa Myers, of Palm Coast, for $250,000. Built in 1994, the house has three bedrooms, two baths, a swimming pool and 2,366 square feet. It sold in 2013 for $185,800.

 

Thomas Sheehan, of Tampa, sold 60 Fairbank Lane to Thomas and Margarida Scott, of Palm Coast, for $225,000. Built in 1990, the house has three bedrooms, two baths, a swimming pool and 2,679 square feet. It sold in 2003 for $214,000.

 

Pine Grove

Moorwolf LLC, of Orlando, sold 2 Pin Oak Drive to Sarah Anderson, of Palm Coast, for $149,000. Built in 1997, the house has three bedrooms, two baths and 1,371 square feet. It sold in April for $105,000.

 

Pine Lakes

Elaina Henderson, of Palm Coast, sold 13 Walt Place to Scott and Sonia Butler, of Hazlet, New Jersey, for $262,000. Built in 1993, the house has three bedrooms, two baths, a swimming pool and 1,774 square feet.

 

Adams Homes of Northwest Florida Inc., of Gulf Breeze, sold 10 White Haven Lane to Kostiantyn Tudan, of Palm Coast, for $238,150. Built in 2017, the house has four bedrooms, three baths and 2,265 square feet.

 

Sergii and Tetyana Miroshnichenko, of Brooklyn, New York, sold 75 Wentworth Lane to Brian and Rosemarie Manning, of Derry, New Hampshire, for $177,000. Built in 1994, the house has three bedrooms, two baths, a swimming pool and 1,323 square feet. It sold in 2011 for $100,000.

 

Plantation Bay

FF Florida Residential LLC, of Daytona Beach, sold 640 Woodbridge Drive to Rodney and Kim Miller, of Accokeek, Maryland, for $592,494. Built in 2017, the house has three bedrooms, three baths and 3,120 square feet.

 

Quail Hollow

Adams Homes of Northwest Florida Inc., of Gulf Breeze, sold 59 Llama Trail to Dalys Herrera, of Palm Coast, for %235,275. Built in 2017, the house has four bedrooms, three baths and 2,265 square feet.

 

Seminole Woods

Seagate Homes LLC, of Palm Coast, sold 94 Secretary Trail to Louis Rismondo and Louise Perillo, of Palm Coast, for $205,400. Built in 2017, the house has four bedrooms, two baths and 1,859 square feet.

 

Toby Tobin, of gotoby.com, contributed to this report.

 


Similar news: