From fireside chats to fire sale, Nautic Global Group (NGG) has announced that it is seeking bids for its various boat brands. The Indiana-based organization, formed in 2005, is the maker of the Hurricane, Rinker, Godfrey (Sanpan, Aqua Patio and Sweetwater) and Polar Kraft boat brands from its facilities in Elkhart and Syracuse.
In a company-wide town hall meeting on August 24, Nautic Global Group Chairman and CEO Jim Malone announced the plan and timeframe for the selling of the company's operating business units.
The announcement should come to no surprise to NGG dealers, who have known about the potential sale of the brands since the spring. "This has been a lengthy process that started in April of this year,' said Malone. "Although we had hoped for a quicker resolution, we are confident that we are coming to the end of the process. I feel strongly the brands associated with NGG will be a great platform for the right owner.'
The process outlined by Malone included the submission of final bids to be placed by all interested parties on or before September 17. All offers would be evaluated at the NGG corporate office in Elkhart, Indiana, on September 21, where the best combination of offers will be determined.
The company expects to be able to announce the new owner or ownership group by September 23.
"Our dealer network, vendors and employees have been eagerly waiting for this process to run its course. The successes of this company and its brands speak volumes about all of the individuals who have dedicated themselves to NGG over the past several years,' said Malone. "Whoever the new owner is, this company, in some form, will continue to build and sell boats and be a vital part of the boating community for many more years to come.'
A handful of boat manufacturers are reportedly among the bidders. Some industry members believe that Forest River Marine could be one of them.
Between its brands, NGG says it is the sixth largest manufacturer of boats in the US. The organization currently has a lion's share of the market with its Hurricane deck boat brand in the US, reportedly controlling nearly 50 percent of the combined outboard and sterndrive segments. In Canada, NGG has approximately 40 dealers between its various boat brands.
Back in December 2013, Malone held a ‘fireside chat' with Matt Gruhn, President of the Marine Retailers Association of the Americas, to publicly discuss the organization's future strategies and goals.