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Malibu Boats, Inc. Completes Acquisition of Maverick Boat Group

 Supply: Malibu Boats, Inc.

Strategic transaction enhances Pursuit and expands Malibu’s saltwater outboard choices in boat sort and worth level

Highlights

  • Provides sturdy participant within the middle console and bay boat house with a distinguished status
  • Enhances Malibu’s breadth of saltwater outboard choices with 4 sturdy manufacturers
  • Boosts Malibu’s manufacturing capability, product, and distribution enlargement alternatives
  • Anticipated to be instantly accretive, excluding buy accounting and acquisition prices

LOUDON, Tenn., Jan. 05, 2021 (GLOBE NEWSWIRE) — Malibu Boats, Inc. (Nasdaq: MBUU), introduced at this time that it has closed the acquisition of Maverick Boat Group, Inc. (“Maverick”). The transaction was funded with money available and borrowings underneath its credit score facility.

Maverick designs and manufactures middle console, twin console, flats and bay boats and has a powerful status as a pioneer in flats and bay boats. Since 1984, Maverick has been related to uncompromised high quality and robust efficiency within the marine {industry}. With two manufacturing amenities situated in Fort Pierce, Florida, Maverick designs and manufactures the Cobia, Pathfinder, Maverick, and Hewes manufacturers.

“As a powerful, acknowledged participant within the middle console and bay boat class, Maverick is a unbelievable addition to our portfolio of industry-leading manufacturers and underscores the power of our M&A method,” commented Jack Springer, Chief Govt Officer of Malibu Boats. “Maverick is extremely complementary to Pursuit, increasing our saltwater outboard choices with a powerful focus in size segments underneath 30 ft. Particularly, Maverick will enable us to not solely leverage sturdy progress momentum, but additionally improve manufacturing capability and seize beforehand untapped demand. We see a tremendous alternative forward of us as we leverage the strengths of Malibu and Maverick to proceed to ship modern boats to our prospects, whereas driving long-term progress and profitability for our shareholders.”

“Over the past 35 years, Maverick has prioritized its tradition on constructing sturdy relationships with our staff members and prospects, whereas sustaining a continued give attention to efficiency and productiveness. Malibu is an ideal companion that shares the identical ardour for boating, coupled with its potential to drive long-term, worthwhile progress.” mentioned Scott Deal, Chief Govt Officer of Maverick Boat Group.

In reference to the acquisition, Malibu added a $25.0 million incremental time period mortgage facility to its present credit score facility and elevated the accessible borrowing capability underneath its revolving credit score facility to $170.0 million.

Advisors

Truist Securities, Inc. is performing as Malibu’s monetary advisor and O’Melveny & Myers LLP is performing as Malibu’s authorized counsel. Hill Ward Henderson is performing as Maverick’s authorized counsel.

Webcast and Convention Name Info

Malibu will host a convention name starting at 8:30 AM EST on Tuesday, January 5, 2021. The convention name could also be accessed by dialing (855) 433-0928 or (484) 756-4263 and utilizing Convention ID #2359184. Alternatively, events can take heed to a dwell webcast of the convention name by logging on to the Investor Relations part of the Firm’s web site at http://buyers.malibuboats.com/. A replay of the webcast will even be archived on the Firm’s web site for a interval of twelve months following the discharge.

About Malibu Boats, Inc.

Based mostly in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a number one designer, producer and marketer of a various vary of leisure powerboats, together with efficiency sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market chief within the efficiency sport boat class by way of its Malibu and Axis Wake Analysis boat manufacturers, the chief within the 20’ – 40’ section of the sterndrive boat class by way of its Cobalt model and in a number one place within the offshore fishing boat market with its Pursuit model. A pre-eminent innovator within the powerboat {industry}, Malibu Boats, Inc. designs merchandise that enchantment to an increasing vary of leisure boaters, fisherman and water sports activities fans whose ardour for boating is a key element of their energetic life.

Ahead-Trying Statements

This press launch contains forward-looking statements (as such time period is outlined within the Non-public Securities Litigation Reform Act of 1995). Ahead-looking statements will be recognized by such phrases and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “could,” “will,” “ought to,” “proceed” and comparable expressions, comparable terminology or the adverse thereof, and contains statements on this press launch concerning our expectations for long-term progress and profitability and our potential to extend manufacturing capability and seize beforehand untapped demand.

Ahead-looking statements are topic to dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, together with, however not restricted to: the results of the COVID-19 pandemic on us; common {industry}, financial and enterprise circumstances; our potential to develop our enterprise by way of acquisitions and combine such acquisitions to totally understand their anticipated advantages; our reliance on our community of impartial sellers and rising competitors for sellers; our massive mounted price base; intense competitors inside our {industry}; elevated shopper choice for used boats or the provision of latest boats by opponents in extra of demand; the profitable introduction of latest merchandise; our potential to execute our manufacturing technique efficiently; the success of our engines integration technique; and different components affecting us detailed infrequently in our filings with the Securities and Change Fee. Many of those dangers and uncertainties are exterior our management, and there could also be different dangers and uncertainties which we don’t at the moment anticipate as a result of they relate to occasions and depend upon circumstances which will or could not happen sooner or later. Though we imagine that the expectations mirrored in any forward-looking statements are based mostly on cheap assumptions on the time made, we can provide no assurance that our expectations will likely be achieved. Undue reliance shouldn’t be positioned on these forward-looking statements, which communicate solely as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to replace or complement any forward-looking statements which will grow to be unfaithful due to subsequent occasions, whether or not due to new data, future occasions, modifications in assumptions or in any other case.

Contact

Malibu Boats, Inc.
Wayne Wilson
[email protected]




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