In a letter to dealers, Bennington Marine's Chairman, Steve Vogel, and CEO, Jacob Vogel, confirmed that the pontoon maker is in the process of acquiring Nautic Global Group (NGG) assets and liabilities. NGG is the maker of the Hurricane, Rinker, Godfrey (including Sanpan, Aqua Patio and Sweetwater) and Polar Kraft boat brands in Elkhart and Syracuse.
The deal is expected to close on October 2.
The impending announcement of NGG selling its boat brands has been anticipated by the company's dealers since the spring. Bennington, a maker of luxury pontoons based in Elkhart, Indiana, recently sent the following notice to its dealer partners:
Bennington Marine wants to officially inform you of an exciting new development for our business. Over the course of the past few weeks, the leadership team at Bennington has been in close conversations with Jim Malone, Chairman and CEO of Nautic Global Group. We are pleased to announce that, as a result of those conversations, we have signed a definitive acquisition agreement whereby Bennington Marine will acquire the brands and certain assets and liabilities of Nautic Global Group. These brands include Aqua Patio, Sweetwater, SanPan, Hurricane, Rinker, Godfrey and PolarKraft. The deal is expected to close on October 2.
Both Bennington and Nautic brands have strong, independent histories within the boating market – a tradition we plan to continue. Bennington and Nautic will continue to operate separately. The Nautic brands will be delivered with the same world class attention to quality and customer service that dealers and customers have come to expect from Bennington.
Executives from both our companies agree that the acquisition of the Nautic brands by Bennington is a great win for the dealers and employees of both companies. Following the acquisition, the expanded scale of the combined Bennington and Nautic assets will enable each brand to realize better economies of scale and provide dealers with enhanced services and support.
Additional dealer-specific information is forthcoming, and we will be reaching out to each of you to schedule meetings shortly after the closing of the transaction.
Boating Business will post additional details surrounding the transaction as they become available.