Marine
Brunswick Acquires Sea Pro, Palmetto and Sea Boss Boats; Forms New Saltwater Boat Group
LAKE FOREST, Ill., Jan 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- Brunswick Corporation
(NYSE: BC) announced today it has acquired Sea Pro Boats, Inc., and Sea Boss
Boats, LLC, of Newberry, S.C., for approximately $51 million in cash. These
entities produce the Sea Pro, Palmetto and Sea Boss brands of saltwater
fishing boats. Additionally, there is a $4 million earn-out provision in the
transaction, which will be based on achieving 2005 performance objectives.
These brands had sales estimated at approximately $80 million in 2004.
The Sea Pro, Sea Boss and Palmetto brands will join with Brunswick's
Boston Whaler to form a new Saltwater Boat Group, based in Edgewater, Fla.
Michael W. Myers, currently president of Boston Whaler, will head up the new
business unit, reporting directly to Dustan E. McCoy, president of the
Brunswick Boat Group.
Sea Pro will continue to be based in Newberry with founder Tommy Hancock
remaining as president. He will report to Myers, who also will continue to
direct day-to-day operations at Boston Whaler until a successor is named.
"Two strategic goals for Brunswick are to 'fill in the white space' in key
and growing segments of boating and to better 'embrace our dealers' by
offering them the opportunity to represent a broad array of boats and
prestigious brands. We believe this acquisition fulfills both of those
objectives," explained Brunswick Chairman and Chief Executive Officer George
W. Buckley. "Boston Whaler is one of the best known and most highly regarded
brands in boating. The Sea Pro, Sea Boss and Palmetto brands will augment our
saltwater portfolio. In turn, as with all our acquisitions, we will focus
Brunswick's financial and technical resources and expertise on growing and
advancing these brands."
"As we have done with other companies that have joined the Brunswick Boat
Group, we have found an able and inventive partner in Sea Pro," said McCoy.
"These are strong brands with solid management and operations, along with a
dedicated work force. We look forward to the contributions they will make to
the Boat Group, and believe that with our focus, commitment and the additional
resources Brunswick can offer, these operations will become stronger in the
marketplace."
"A 17-year veteran of the boating industry, Mike Myers has done an
excellent job of solidifying the reputation and raising the profile of Boston
Whaler, one of the most prominent brands in boating," explained McCoy. "With
the combination of the well-known and respected Sea Pro, Sea Boss and Palmetto
brands, a stalwart management team and a dedicated organization focusing on
saltwater, the Brunswick Boat Group will now have a more meaningful presence
in offshore fishing, and a more complete and potent line-up for our dealers."
About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to
instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including
Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and
inboard engines; MotorGuide trolling motors; Teignbridge propellers; MotoTron
electronic controls; Northstar marine electronics; Navman GPS-based products;
IDS dealer management systems; Sea Ray, Bayliner, Maxum, Hatteras, Meridian,
Sealine, Bermuda, Ornvik, Savage and Uttern pleasure boats; Baja high-
performance boats; Arvor, Boston Whaler, Palmetto, Sea Boss, Sea Pro and
Trophy offshore fishing boats; Crestliner, Lowe, Lund and Princecraft aluminum
fishing, deck and pontoon boats; Attwood marine parts and accessories; Land
'N' Sea marine parts and accessories distributor; Life Fitness, Hammer
Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment
and consumer products; Brunswick billiards tables; and Valley-Dynamo pool, Air
Hockey and foosball tables. For more information, visit
http://www.brunswick.com.
SOURCE Brunswick Corporation
Dan Kubera, Director - Financial and Public Relations, Brunswick Corporation,
+1-847-735-4617
http://www.prnewswire.com
