Malibu Boats, Inc. has closed on its acquisition of Pursuit Boats from S2 Yachts. Total consideration for the transaction is $100 million.
The transaction was paid with $50 million of cash on hand and $50 million of borrowings under an incremental revolving credit facility that was added to Malibu’s existing credit facility.
“As a leader in the saltwater outboard fishing segment, Pursuit is an incredible addition to the Malibu family," said Jack Springer, chief executive officer of Malibu Boats. "Over the past 41 years, Pursuit Boats has established a premium brand through its incredible dealer network and longstanding commitment to customers. With Pursuit, we have an opportunity to broaden our outboard offering, while leveraging the manufacturing and design expertise of the respective teams to continue to deliver the premium products customers expect."
Pursuit offers of 15 models of offshore, dual console and center console boats. The saltwater outboard fishing market is one of the largest and fastest growing segments in the marine industry.
“Pursuit Boats has established an unmatched premium brand through our incredible dealer network and longstanding commitment to customers,” said Tom Slikkers, Chief Executive Officer of S2 Yachts. “As a trailblazer in its own right, Malibu is the perfect partner, as we maintain similar cultures with a shared passion for product and people, which has driven our collective long-term success”
The Slikkers family will continue to own and operate Tiara Yachts and Tiara Sport under the S2 Yachts corporate umbrella, Slikkers stated in a news release.
Tiara Yachts, headquartered in Holland, Michigan, is a subsidiary of S2 Yachts, Inc., one of the oldest privately held boat manufacturers in the United States.
Tiara’s model lines include the Open Series, Flybridge and Coupe models manufactured with inboard power from 39 to 53 feet. In 2017, S2 Yachts introduced the Tiara Sport 38 LS, the first outboard powered Tiara model. The Tiara Sport line includes both the 38 and 34 LS models.