Brunswick Corporation has completed the sale of the Hatteras and Cabo brands of motoryachts and sportfishing convertibles to Navis HCY Acquisition, an affiliate of Versa Capital, which is based in Philadelphia, Pennsylvania. The terms of the transaction were not disclosed.
“We are pleased to complete this process in a manner that will help maintain the legacy of the Hatteras and Cabo brands,” said Brunswick Chairman and Chief Executive Officer Dustan E. McCoy. “Further, we are gratified that this transaction will result in Hatteras and Cabo remaining in New Bern (North Carolina), while continuing to provide employment opportunities for the employee base.”
Brunswick purchased Hatteras Yachts in 2001 and Cabo in 2006. Both are based in New Bern, North Carolina.
Lazard Middle Market acted as sole investment banker for Brunswick Corporation on the transaction.