Performance and leisure powerboats manufacturer MasterCraft Boat Holdings, Inc. (“MasterCraft”) and Marine Products Corporation (“Marine Products”), a manufacturer of recreation and sport fishing powerboats, have entered into a definitive agreement under which MasterCraft will acquire Marine Products in a cash and stock transaction valued at approximately $232.2 million.

The combination of MasterCraft and Marine Products brings together two American recreational marine companies. The combined company will benefit from a more diversified portfolio of brands – MasterCraft, Crest, Balise, Chaparral, and Robalo – in categories supported by advanced product development and manufacturing platforms as well as an expanded dealer network, according to the company.

Under the terms of the agreement, Marine Products shareholders will receive $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine Products they own. Based on MasterCraft’s closing share price of $23.12 on February 4, 2026, this consideration implies a value of $7.79 per Marine Products share, according to the company.

Brad Nelson, CEO of MasterCraft, said in a news release, “Today marks an exciting and transformational step for MasterCraft and Marine Products as we continue shaping the future of the marine industry together. We have long admired Marine Products and the success its team has achieved in creating a leading brand for recreational boaters with Chaparral and a leader in sport fishing boats with Robalo. Supported by both companies’ proven category leadership, the combined company will serve an expanded customer base with diversified offerings, drive differentiated innovation, and deliver greater value for dealers and consumers.”

Ben Palmer, CEO of Marine Products, added, “This transaction marks an exciting new chapter for Chaparral and Robalo, and is a testament to the hard work and dedication of our employees. We believe that MasterCraft will be a great steward of the combined business and an enthusiastic partner to our exceptional dealers and suppliers. In addition, the combination is structured to enable shareholders to continue to participate in the strength and upside potential of the combined company and benefit from a stronger institutional following.”

Compelling Strategic, Operational, and Financial Benefits

The combined company is expected to deliver meaningful strategic, operational, and financial benefits, including:

• A proven, diversified, and complementary portfolio of best-in-class brands. Bringing MasterCraft’s category leadership in premium performance (MasterCraft) and leisure (Crest, Balise) together with Marine Products’ market leadership in recreational (Chaparral) and sport fishing (Robalo) creates a more diversified offering to meet the needs of an expanded customer base.
• Compatible dealer networks and commercial organizations. Highly complementary coastal and inland dealer networks and commercial capabilities will enable the combined company to expand its presence in key geographies and enhance growth opportunities to drive long-term value.
• Enhanced manufacturing capabilities with robust technological innovation. The combined company’s enhanced scale and capabilities are expected to support more efficient brand investment and enhanced innovation to drive growth. The combined company is expected to deliver differentiated and innovative new products while accelerating new model launches. Manufacturing facilities in Tennessee, Michigan, and Georgia are expected to enable the sharing of best practices to improve overall production efficiency, improve buying power, and provide operational flexibility for future growth.
• An attractive financial profile. On a pro forma basis for the twelve months ending June 30, 2026, the combined company is expected to generate net sales of approximately $560 million and adjusted EBITDA of approximately $64 million. The combination is also expected to drive enhanced operating margins over time, starting with the elimination of Marine Products’ public company costs and corporate overhead, totaling approximately $6 million in annual net savings.

Leadership and Governance

Upon completion of the transaction, Nelson will serve as CEO of the combined company, and Scott Kent, chief financial officer of MasterCraft, will serve as chief financial officer of the combined company. MasterCraft expects to maintain the Chaparral and Robalo leadership teams, brands and employees as a separate operating unit, according to the company.

Following closing, MasterCraft’s board of directors will expand from seven to 10 directors and include three new directors. Roch Lambert will serve as chair of the board of the combined company.

The combined company will be headquartered in Vonore, Tennessee and will maintain the Chaparral and Robalo operating facilities in Nashville, Georgia, according to the company.

Approvals and Closing

The transaction is expected to close in the second calendar quarter of 2026, according to the company, subject to approval by both MasterCraft and Marine Products shareholders and the satisfaction of other customary closing conditions.

LOR, Inc., Marine Products’ majority shareholder, has entered into a voting agreement to vote in favor of the transaction at the Special Meeting of Marine Products shareholders to be held in connection with the transaction.