Nautic Global Group - one of the largest boat manufacturers in the country - announced Tuesday it is taking bids for its boat brands with the goal to close a deal by Sept. 23.
Nautic's most successful brand is its Hurricane deck boat brand, which has the largest share of that segment. The company also produces several other brands including Rinker, Godfrey, Aqua Patio, Polar Kraft and more.
“This has been a lengthy process that started in April of this year,” said NGG Chairman and CEO Jim 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.”
In a company-wide town hall meeting on Monday, Malone announced the plan and time frame for the selling of the company’s operating business units.
That schedule calls for interested parties to submit bids by September 17. The bids will be evaluated on September 21, with the company expecting to announce the new owner or owners by September 23.
“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.”
The company has been long-rumored to be for sale and in financial trouble. In a Q&A with Boating Industry earlier this year, then-CEO Bradley Gates said he was optimistic about the future of the company.
"We’re investing in innovation and getting closer to our customers. We’ve implemented a dealer council. We’re becoming much more voice-of-customer driven in a lot of things we’re putting together.
"The company has a clear vision in what we’re trying to do and what we’re trying to accomplish. I think going into the next year the time and energy spent around putting those together and aligning the organization around them will start to show in the industry."
The sale announcement caps off a tumultuous couple of years for the company. Since 2013, the company has had three CEOs, with Malone now serving in his second stint in that time. Several other executives have left the company in that period as well.