Bénéteau Group buys Four Winns, Glastron, Wellcraft and Scarab

French marine giant snaps up iconic US boat brands as part of its global expansionist plan

Platinum Equity today (June 24) announced the sale of Rec Boat Holdings (RBH), the manufacturer of iconic American boating brands Four Winns, Glastron, Wellcraft and Scarab, to the Bénéteau Group.

Financial terms of the transaction were not disclosed, but the French marine behemoth said RBH has revenues of around US$150 million and employs 475 people.

Beneteau also stated RBH has a network of over 200 dealers across North America and its inclusion in the Bénéteau Group will enable the French company "to expand its access to the European and global markets."

After launching sales of motorboats over 12 metres in 2010, the Bénéteau Group is now embarking on the second phase of its project, with motorboats under 12 metres. Beneteau says this requires an industrial investment in America.

On its own, this [sub-12m] segment accounts for nearly 40 per cent of the overall motorboat market in the United States and the acquisition is "in line with the Group's development strategy for the North American motorboat market."

A private equity firm, Platinum Equity acquired a substantial portfolio of boat brands and related assets in 2010 from Genmar Holdings, Inc., through a transaction conducted under Section 363 of the U.S. Bankruptcy Code.

Platinum Equity still retains ownership of Flippin, Arkansas-based Fishing Boat Holdings, maker of the Ranger, Triton and Stratos boat brands that were also acquired at that time.

"RBH has come a long way in the last four years thanks to a lot of hard work, a strong management team, great support from the dealer network and the dedication of so many committed employees," said Platinum Equity Partner Louis Samson, who led the acquisition.

"With the turnaround complete and the business on sound operational footing, the time is right for a transition to new ownership.

"Bénéteau Group is a world leader in boat manufacturing and is a perfect strategic fit for the Four Winns, Glastron, Wellcraft and Scarab brands. We are putting the business in good hands going forward," Samson said.

The sale of RBH comes following four years of successful transformation and growth initiatives, the private equity firm adds.

"Platinum Equity provided the commitment and the resources we needed to revive the business," RBH CEO Roch Lambert said. "We have made remarkable progress on each of the core components of our turnaround: improved manufacturing efficiency, world-class products and a powerful distribution network.

"We have delivered on that strategy by constantly improving our processes and inspiring our people to be successful.

"The team in Cadillac [Michigan] is excited to join such a prestigious boat company as Bénéteau Group and we look forward to the opportunities ahead,” Lambert said.

Platinum Equity says highlights of the operational turnaround over the last four years include:

<< Assembled a top-flight management team in 2010 led by Mr. Lambert, an experienced operator in the boat and engine manufacturing industries.

<< Redesigned the overall Four Winns and Glastron product lines, launching more than 35 new models of Four Winns and Glastron boats since 2010. Currently revitalising the Wellcraft line up in model year 2014 with updated interiors, along with new future models in the design phase.

<< Rejuvenated the manufacturing operations in Cadillac, Mich., doubling employment at the facility from 2010 to today. Under Platinum Equity’s ownership the company invested approximately US$9 million in capital improvements at the Cadillac manufacturing facility and enacted major quality and manufacturing efficiency initiatives that resulted in more streamlined production processes and improved finished product.

<< Launched the new Scarab line of jet boats in 2014 with three new models in market today. A new Scarab dealer network was built from the ground up in 2013 with the company adding over 120 retailers worldwide.

<< Implemented a global network development plan to improve dealer relations. Based on feedback from the field, created stronger differentiation between the boat brands with each offering unique features and styling.

'RecBoats' will be included within the Bénéteau Group's scope from the acquisition date as stated above in EST.

Read the latest Boatsales Network news and reviews on your mobile, iPhone or PDA at the Boatsales Network's mobile site. Or download the App for smartphone and tablet.

Bénéteau Group buys Four Winns, Glastron, Wellcraft and Scarab

Tags