International Boat Industry – June-July 2019

ibinews.com International Boat Industry | JUNE–JULY 2019 7

International Marine News HEADLINES

New owners for Marathon Boat Group

USA The Marathon Boat

Group (MBG) has been

acquired by Chicago-based

private equity firm Altair

Investments Inc. Terms

of the transaction were

not disclosed.

The privately-owned and

operated manufacturer of

aluminium fishing boats,

jon boats, pontoon

boats and canoes is

expected to continue

operating from its

existing 50,000ft^2

manufacturing facility

in Marathon, New York.

Sold under the

Grumman and

DuraNautic brand

names, the company’s

product line is

distributed across the

US, Canada, Europe,

Asia and Australia through an

established dealer network.

The new owners wasted

little time in outlining future

plans for the company.

“We could not have found

a better acquisition than MBG

and its highly skilled team and

dealer network,” said Andrew

Brickman, managing partner

of Altair Investments. “We

have exciting plans to invest in

and grow MBG with expanded

product lines, as well as develop

new product platforms to

address current consumer

boating needs.”

Founded in 1944 by

Grumman Aircraft vice

president of engineering

William Hoffman, the

Grumman boat company

moved from its original

location as part of the aircraft

plant on Long Island to its

present location in New York’s

Finger Lakes region in 1952.

Acquired by Outboard

Marine Corp (OMC) in 1990,

it and sister brand DuraNautic

were subsequently purchased

back from OMC by a group of

former employees in 1996 to

form Marathon Boat Group.

 Bill Yeargin, CEO of Florida-

based Correct Craft Inc

Correct Craft acquires Merritt Precision

USA Milling company Merritt

Precision is the latest

acquisition by Correct

Craft. The Florida-based

maker of plugs for the

marine, automotive and

aerospace industries will

be integrated into Correct

Craft’s Watershed Innovation

subsidiary and function as a

standalone business.

Doug Keehn and Ben

Ousley will continue leading

the company as vice president/

general manager and vice

president of operations

respectively.

“As a long-term customer,

we know Merritt Precision

operates at the highest levels

of competency and integrity.

Through expanded capacity

and new technologies, Merritt

Precision will create even

greater value in the future as

 MBG makes Grumman pontoons

IMCI

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[email protected] http://www.imci.org

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Merritt

Precision will

provide Correct Craft a

platform that will help

us to accelerate

our innovation

initiatives

part of Watershed’s vision of

creating a better tomorrow

today,” said Watershed

president Sean Marrero.

Doug Keehn, Merritt

Precision vice president/

general manager, stated: “As

part of Correct Craft, we will

continue to provide the high

level of quality, service, and

confidentiality that customers

have come to expect from

Merritt Precision. We are also

very excited to leverage Correct

Craft’s proven platform of

cultural and financial resources

to fuel our company’s growth.”

“This acquisition is well

beyond a typical vertical

integration,” says Correct Craft

CEO Bill Yeargin. “Merritt

Precision will provide Correct

Craft a platform that will help

us to significantly accelerate our

innovation initiatives.”