Correct Craft continued its aggressive growth this year, adding majority stakes in two more boat builders to its holdings.
The company announced late Thursday it has acquired a majority interest in both Centurion Boats and Supreme Boats, both based in Merced, Calif.
“We are very happy to have both Centurion and Supreme joining our family," said Correct Craft President and CEO Bill Yeargin. "The past few months as we have worked together to finalize this deal our mutual respect has grown and we are excited about the things we will accomplish as a team.”
It's the third major acquisition for Correct Craft in the last year. The company acquired fishing boat brands Bass Cat and Yar-Craft in March and added PCM and Crusader engines to its holdings last fall.
Correct Craft also broke ground on an $8 million expansion for its flagship Nautique brand earlier this week.
Both Centurion and Supreme will continue to build their boats in Merced and there are no plans to make any changes with company management, Correct Craft said.
The brands have long histories in the tow sports market. Centurion is the official boat of the World Wake Surfing Championships and has been since it began in 1995.
Rick Lee, longtime owner of Centurion Boats, acquired Supreme Boats in 2011. Lee will maintain a minority ownership interest in the brands and continue working with them in a consulting role.
“I am proud of all the people who have worked to build the Centurion brand for over three decades. I am thrilled to have both Centurion and Supreme become part of a team that will not only continue to build our brands and legacy but also provide opportunities for our employees,” Lee said. “I am very excited about our future.”
Yeargin wrote more about the acquisition on his blog.
You can read also read an earlier Boating Industry Q&A with Bill Yeargin here.