The Brunswick Corporation announced that it has signed a definitive agreement today to purchase one of the UK's major powerboat builders
The Brunswick Corporation announced that it has signed a definitive agreement today to purchase Sealine International for US$68m. Total consideration consists of US$31m in cash, the assumption of debt and the issuance of notes to certain sellers.
Sealine, one of the UK’s major powerboat builders, is headquartered in Kidderminster, England. It builds cruisers and motoryachts from 24-51ft in length. Sealine’s sales in fiscal 2001 totaled approximately US$70m. Its boats have won the coveted British Nautical Motorboat of the Year award twice in the past three years.
“While we currently export Sea Ray and Bayliner boats,” said George Buckley, chairman and CEO of Brunswick, “Sealine provides us with a platform for growth in international markets with products featuring the styling and amenities that meet the needs and tastes of European consumers,” Buckley said that the addition of Sealine “is an important first step in fulfilling our strategy of building a truly global boat company.”
Gerard Wainwright, chairman of Sealine, said that “being a part of the world’s largest pleasure boat company will afford us the resources and opportunity to accelerate the growth of our business.” Sealine will remain in Kidderminster, and Wainwright will stay on as chairman, but he will report to Dustan McCoy, president of the Brunswick Boat Group.
Contingent on regulatory approval and certain closing conditions, the company expects the acquisition to close by the end of June.
Wainwright bought Sealine in June 1998 for ’30m (US$42m) .