In a company-wide town hall meeting on Monday, August 24, Nautic Global Group (NGG) Chairman and CEO Jim Malone announced the plan and time frame for the selling of the company’s operating business units.
NGG currently enjoys a dominant position with its Hurricane deck boat brand, controlling nearly 50% of the combined outboard and sterndrive segments. The company’s Godfrey Pontoon brands (Sanpan, Aqua Patio, and Sweetwater), are also leaders in the manufacture and distribution of pontoon boats. Combined with Rinker Express Cruisers and Captiva Sport Boats, and Polar Kraft aluminum fishing boats, NGG is the 6th largest manufacturer of boats in the country.
“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, 2015. All offers would be evaluated at the NGG corporate office in Elkhart, IN, on September 21, 2015, 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, 2015.
“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.”