Brunswick Corp. sold its Hatteras and Cabo brands to Versa Capital Management LLC affiliate Navis HCY Acquisition LLC.
Terms of the agreement weren’t disclosed, but the brands are expected to stay in North Carolina and John Ward, a 24-year marine executive whose experience includes roles with Boston Whaler and Mercury, will continue to lead Hatteras and Cabo as president and CEO.
“We are very excited to become part of the Versa team, given their financial and operational expertise,” Ward said in a statement. “The economic downturn affected the entire marine industry. We are proud that Versa has put their confidence into our iconic brands and that the firm shares our belief in American manufacturing. Since we learned in January that we were being sold, we have been waiting for the right financial partner to support our business. We see that partner in Versa.”
“Virtually all” Hatteras and Cabo employees will be retained, according to a statement.
“We are pleased to complete this process in a manner that will help maintain the legacy of the Hatteras and Cabo brands,” Brunswick CEO Dusty McCoy said in a statement.
Brunswick purchased Hatteras Yachts in 2001 and Cabo in 2006.
Philadelphia-based Versa is a private equity investment firm with $1.3 billion in assets under management. Its portfolio includes Vestis, a group of outdoor retail apparel and equipment stores, including Eastern Mountain Sports and Bob’s Stores, Black Angus Steakhouses and Polartec.
Click here for the full release.
— Reagan Haynes
