VONORE, Tenn., Sept. 10, 2018 (GLOBE NEWSWIRE) — MCBC Holdings, Inc. (MCFT), the ancestor article of MasterCraft Baiter Company, LLC (“MasterCraft”), and NauticStar, LLC (“NauticStar”), today appear that it has entered into a absolute acceding to admission Crest Marine, LLC (“Crest”), a arch angular chip architect of high-quality arch boats in the United States, for about $80 million. MasterCraft additionally expects that about $10 actor net present amount of approaching net tax allowances will accumulate to the accumulated company. The transaction is accepted to aing in the fourth division of agenda 2018, accountable to accepted closing conditions, and is advancing to be anon accretive to adapted balance per share.
Founded in 1957, Crest is a endemic and operated out of a 150,000 square-foot accomplishment adeptness amid in Owosso, Michigan. With added than 60 years of baiter accomplishment experience, Crest has a acceptability for accession and quality, with a growing, loyal arrangement of dealers and customers. Crest currently sells its boats in the United States and Canada through an accustomed arrangement of about 120 banker locations. In agenda year catastrophe 2017, the aggregation generated about $65.9 actor in net sales. Net sales are accepted to abound to about $90.0 actor in agenda 2018.
Terry McNew, MasterCraft’s President and Chief Executive Officer, commented, “We are absolute aflame to acceptable Crest to the MasterCraft Family. Crest is a well-respected, expertly congenital and abnormally positioned brand. The company’s arch boats accommodate us with added artefact assortment and attendance in the adorable arch segment, as able-bodied as added establishes MasterCraft in the outboard propulsion category, two of the fastest growing areas aural the broader canoeing industry. With its vertically-integrated business model, Crest differentiates itself from its competitors, acceptance it to bigger ascendancy pricing, and accomplish college margins.
“Additionally, Crest’s retail assemblage advance is amid the arch in the arch segment. From 2011 to 2017, Crest grew its anniversary retail assemblage sales by a admixture anniversary advance amount of about 23 percent, added than bifold the able advance of the broader arch segment, which grew absolute retail assemblage sales at 10.9 percent over that aforementioned time. We accept we can abide this clue almanac of advance through leveraging our industry-leading strengths in operational excellence, banking administration and distribution, while active added improvements in Crest’s output, affection and margin.”
Crest will advance its accepted address and accomplishment adeptness in Owosso, Michigan. The transaction is accepted to be anon accretive to adapted balance per share.
Crest buyer and CEO, Patrick Fenton, commented, “MasterCraft is an iconic cast accepted for quality, achievement and innovation. Our absolute alignment is aflame to accompany their team, and advantage their acquaintance and operational adeptness to added abound Crest. This is a abundant befalling for all of our employees, as able-bodied as customers, banker ally and suppliers.”
Concluded McNew, “The accretion of Crest is the analytic aing footfall in our cardinal plan to admission profitable, growing, exceptional brands in fast-growing segments that added alter our artefact portfolio. As a accumulated organization, we accept the assets and acquaintance to abundantly aggrandize Crest’s administration afterwards acceptable the appeal from the absolute banker network. We attending advanced to alive calm to bear assisting and acceptable bazaar allotment growth, and active adeptness in every breadth of our business.”
Conference Alarm and Webcast Information
MasterCraft will host a alive appointment alarm and webcast to altercate its accretion of Crest today, September 10, 2018, at 10:00 a.m. EDT. To admission the call, punch (800) 219-6861 (domestic) or (574) 990-1024 (international) and accommodate the abettor with the appointment ID 3283136. Please punch in at atomic 10 account above-mentioned to the call. To admission the alive webcast, go to the broker area of the company’s website, www.mastercraft.com, on the day of the appointment alarm and bang on the webcast icon.
For an audio epitomize of the appointment call, punch (855) 859-2056 (domestic) or (404) 537-3406 (international) and access admirers passcode 3283136. The audio epitomize will be accessible alpha at 1:00 p.m. EDT on Monday, September 10, 2018, through 1:00 p.m. EDT on Monday, September 24, 2018.
About Crest Marine, LLCFounded in 1957, Crest is a a captivated bound accountability aggregation amid on ~55 acreage in Owosso, Michigan. With about 150,000 aboveboard anxiety of accomplishment attic space, Crest is one of the top producers of innovative, high-quality arch boats alignment from 20 to 29 feet. For added advice on Crest’s abounding band of boats, appointment www.crestpontoonboats.com.
About MasterCraft/MCBC Holdings, Inc.Headquartered in Vonore, Tenn., MCBC Holdings, Inc. (MCFT) is the ancestor article of MasterCraft Baiter Company, a world-renowned innovator, designer, manufacturer, and banker of exceptional achievement action boats. Founded in 1968, MasterCraft has able its iconic cast angel through a affluent history of industry-leading innovation, and added than four decades afterwards the aboriginal MasterCraft fabricated its admission the company’s ambition charcoal the aforementioned – to abide architecture the world’s best ski, wakeboard, wakesurf and affluence achievement powerboats. For added information, appointment www.mastercraft.com.
About NauticStar BoatsFounded in 2002, NauticStar is a a captivated bound accountability aggregation amid on 17 acreage in Amory Mississippi. With added than 200,000 aboveboard anxiety of accomplishment attic space, NauticStar is one of the top producers of aerial affection bay boats, accouter boats and adopted centermost animate boats from 18 to 28 feet. Professional and action fishermen, recreational and amusement canoeing enthusiasts acknowledge the abounding accepted and accessible appearance that are offered by NauticStar for a customized fit for their lifestyle. For added advice on NauticStar Boats’ abounding band of boats, appointment www.NauticStarBoats.com or alarm 662-256-5636 for your bounded NauticStar dealer.
King & Spalding LLP and Egerton, McAfee, Armistead & Davis, P.C. are acting as acknowledged admiral to MasterCraft. Baird is acting as Crest Marine’s banking adviser and Jaffe Raitt Heuer & Weiss, P.C. is acting as Crest Marine’s acknowledged counsel.
Forward-Looking StatementsThis columnist absolution includes advanced statements (as such appellation is authentic in the Private Securities Litigation Reform Act of 1995). Advanced statements can generally be articular by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and agnate expressions, commensurable analogue or the abrogating thereof, and accommodate statements in this columnist absolution apropos Crest’s accepted net sales for 2018, our adeptness to abide to rapidly abound the Crest brand, the advance of the arch and outboard propulsion segments, the advancing operational and amount synergies from the transaction, the accepted appulse of the transaction to our balance in budgetary 2019, our adeptness to amuse the appeal from the absolute banker arrangement and to abundantly aggrandize Crest’s distribution, our adeptness to bear assisting and acceptable bazaar allotment advance and to drive efficiencies in our business.
Forward-looking statements are accountable to risks, uncertainties and added important factors that could account absolute after-effects to alter materially from those bidding or adumbrated in the advanced statements, including accepted bread-and-er conditions, appeal for our products, changes in customer preferences, antagonism aural our industry, our assurance on our arrangement of absolute dealers, our adeptness to administer our accomplishment levels and our ample anchored amount base, and the acknowledged accession of our new products. In addition, the advanced statements in this columnist absolution may be impacted by our adeptness to auspiciously accommodate Crest and to apprehend the synergies we accept can be accomplished from the transaction. These and added important factors discussed beneath the explanation “Risk Factors” in our Anniversary Report on Form 10-K for the budgetary year concluded June 30, 2018, filed with the Securities and Exchange Commission (the “SEC”) on September 7, 2018, and our added filings with the SEC could account absolute after-effects to alter materially from those adumbrated by the advanced statements. The altercation of these risks is accurately congenital by advertence into this columnist release.
Contacts:Tim OxleyChief Banking Officer(423) [email protected]
George SteinbargerVP of Business Development(423) [email protected]
Matt Sullivan(612) [email protected]
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