Bennington Marine will be the new owner of Nautic Global Group under a deal announced Monday.
Bennington will acquire the brands, certain assets and liabilities of NGG, the companies said. Those brands include Hurricane, Godfrey, Rinker, Sweetwater and others. The acquisition wraps up an accelerated sales process that was just announced last month, although rumors of a potential sale have surrounded the company for months.
The transaction is expected to close October 2.
“Nautic Global Group is an industry pioneer and has some of the best known, most trusted brands in the industry," said Bennington chairman Steve Vogel. "We have always respected what the company has accomplished. We look forward to working closely with Nautic’s world-class management team to make the transition as efficient and seamless as possible for employees, vendors and dealers."
Both companies are based in Elkhart, Ind., and the acquisition will benefit the entire community by keeping jobs in the area, said NGG CEO Jim Malone.
“Having these brands be acquired by a stable, established industry player which knows the segments well, is a great win for our dealers and employees," Malone said.
Both companies are big players in the pontoon market. According to Info-Link, Bennington held the No. 1 spot in market share in the 21- to 24-foot range in 2014 and the No. 2 spot in the over 24-foot segment. Godfrey was No. 4 and No. 3, respectively, in those segments.
"By putting some of the strongest brands in the marine industry together in one corporate family, we will be able to better provide dealers and consumers with the highest quality, most innovative products and back them with the best services and warranties in the industry," said Bennington CEO Jacob Vogel. "This is truly a historic transaction in the boating industry."
Bennington plans to operate the acquired brands as a separate organization and will be holding dealer meetings after the transaction closes, Jacob Vogel said.