NGG Signs Letter of Intent to Acquire Assets of Crownline

Nautic Global Group (NGG), the parent company of Rinker Boats and Godfrey Marine, recently released in a statement that they have entered into a non-binding letter of intent to acquire the assets of Crownline Boats Inc., West Frankfort, IL.

“At this time, the actual purchase transaction has not been completed and Nautic Global Group does not own Crownline,” the company said in the statement.

The company explained it is currently working through a due diligence process with the sellers and investors, including dialogue with the company and its dealer network.

“We are excited at the prospect of Crownline becoming part of the NGG portfolio of brands. The quality of the dealer network, product and the strength of the brand in the market would create exciting synergies that would position us well as our industry recovers.  Although we are optimistic about this opportunity, we still have work to do in order to consummate this acquisition.”

The announcement comes following Crownline Boats recent statement on May 28, 2009, announcing it will not resume full production at its West Frankfort, IL facility as scheduled for June 1, 2009.

“Currently active personnel will continue to serve our dealers and customers, however production will be deferred pending resolution of Crownline's previously announced initiative to secure investment capital,” the company said. “Significant progress has been made in this regard and Crownline employees, dealers and vendors should expect to receive further communication from Crownline in the near future.”