PURE WATERCRAFT ACQUIRES ELUX MARINE TO EXPAND ELECTRIC BOATING OPERATIONS IN UPPER MIDWEST U.S.
Feb 1, 2021
Pure Watercraft, the electric boating technology leader, has acquired ELUX Marine, the top Minnesota electric luxury pontoon boat manufacturer. The equity-based transaction combines ELUX’s expertise in the lucrative Upper Midwest U.S. boating market with Pure Watercraft’s industry-best electric outboard motors and complete electric boats.
ELUX Marine was founded in 2017 by Howard Root, a former medical device entrepreneur and lifetime Minnesota boater, and Bart Jones, a Minnesota boat craftsman. “Our mission at ELUX was to build a small, but focused electric boat manufacturer that would redefine the Minnesota pontoon experience,” said Root. “But as we introduced our Stealth and Breeze electric pontoons and saw the potential of electric boating, we knew we couldn’t stop there. We needed to scale. In meeting Pure Watercraft, we found a team that shared our passion to deliver boating that’s emissions-free, maintenance-free, and gas-free. Last summer, we field-tested Pure’s proprietary electric outboard technology and concluded that Pure Watercraft is the company to lead the recreational electric boat revolution. Both Bart and I, along with the entire ELUX team, are thrilled to join forces with Pure to bring large-scale, high-performance electric boating to the waters ELUX knows and loves.”
Starting with the 2021 model year, ELUX will focus exclusively on the launch of Pure Watercraft’s electric boat products in the Upper Midwest market. This business combination gives Pure Watercraft an immediate presence in the nation’s largest per capita boating market. Minnesotans spent $924 million on boats in 2019 (up 6.5% from the prior year) and Minnesota boat-related spending has increased each year this past decade.
“As we begin our 2021 launch year, we know we need to be close to our customers,” said Pure Watercraft CEO Andy Rebele. “By acquiring ELUX, we connect to a key boating market with a team that has established itself as a leader in launching electric boats.”
Visit: www.purewatercraft.com
