Malibu Boats, Inc. (NASDAQ: MBUU) announced today that it has entered into a definitive agreement to acquire Cobalt Boats, LLC (“Cobalt”), a privately held, leading manufacturer and distributor of premium sterndrive and outboard boats for an aggregate purchase price of $130 million. For the last 12 months ended March 31, 2017, Cobalt generated approximately $140 million in net sales indicating a valuation metric equal to 93% of trailing 12-month revenue.
Founded in 1968, Cobalt is the market leader in the mid to large-sized sterndrive boat market and their recent expansion into the surf and outboard markets provides further opportunities for Cobalt to reach additional customers. Cobalt manufactures and sells water sport boats, cruisers, bowriders and outboard boats for cruising, skiing, entertainment, surfing, fishing and other recreational uses on lakes, rivers, intercoastal waterways and oceans. Cobalt is a world class brand with a product portfolio of twenty-four models across six proprietary, industry-leading series. Cobalt sells its boats through a well-established dealer network of 132 locations in the United States, Canada, and overseas.
The transaction makes a lot of sense for both companies. The acquisition combines two premium, best-in-class recreational boating brands, further strengthening Malibu’s leading position in the powerboat industry. Cobalt’s comprehensive portfolio of quality products also provides Malibu greater scale and a more balanced portfolio. Last, Cobalt’s complementary distribution network allows for more market opportunities across multiple segments within the recreational boating industry.
Forest River acquired the assets of Turtle Top, a premier luxury bus manufacturer based in New Paris, Indiana. Turtle Top, a family-owned RV manufacturer since 1962, is widely recognized today as a leader in the luxury transportation industry. Turtle Top designs and manufactures buses and specialty vehicles for some of the most prestigious names in the motor coach industry, as well as numerous state and government agencies. Turtle Top’s current bus models include the Van Terra, VT3, Odyssey, Odyssey XL, Odyssey XLT and MPV, which provide convenient and dependable transportation for colleges, churches, assisted living facilities, retirement communities, transportation companies and government agencies. In addition, Turtle Top’s specialty vehicle division builds everything from limousines to bloodmobiles and prisoner transport units to mobile offices.
“We are excited to welcome Turtle Top to the Forest River family. Turtle Top and their dedicated employees have built a history of integrity, quality and innovation and enjoy one of the best reputations in our industry today,” stated David Wright of Forest River. “We are honored that they have chosen Forest River to continue the tradition that they have dedicated themselves to building for more than 50 years.”
Details of the transaction were not announced.Read More
Forest River announced that it has acquired the assets of Battistic Customs, a luxury conversion company for buses and vans (Mecedes, Ram ProMaster, etc.). Terms of the transaction were not disclosed.
Started in 2009 by Bill Battisti and Carl Hazzard, the conversion builder builds a wide range of custom vehicles, including limos, luxury shuttle buses, and day cruiser RVs. Given the increasing business Battistic is seeing, they will be from their current 30,000-square-foot facility into a 60,000-square-foot facility by the end of June.
“Carl and I looking forward to joining Forest River and continuing to grow the company we created,” said Bill Battisti, president of Battisti Customs. “Battisti Customs has always provided the highest level of customer service and quality interior conversions. Through our sale to Forest River, we will have the opportunity to expand our line of diversified products. We are excited about the future opportunities for our business, our customers, and our employees.”Read More
KPS Capital, a New York-based private equity group, announced that it has acquired DexKo Global and its affiliates. DexKo Global is a global supplier of highly engineered running gear, chassis assemblies, and related components to recreational vehicle, utility trailer, manufactured housing and specialty trailer markets.
DexKo Global was formed at the end of 2015 through a merger of Dexter and AL-KO Vehicle Technology. The company is headquartered in Novi, Michigan, and has over 4,500 employees at 39 manufacturing facilities and 25 distribution centers around the world. The financial terms of the transaction were not disclosed.Read More
A well-established RV dealership in Ohio is for sale. This turn-key operation includes nearly 6 acres of real estate with a new 5,900 sq. ft. show room, office, and repair facility, plus service bays for up to six RVs. This is an established business with repeat customers. It currently employs 8 full time staff and 4 seasonal, part-time workers. The company is located in an attractive rural setting about 30 minutes from a major city with several parks and campgrounds within a 30 mile radius. The dealership operates with state-of-the-art customer management software and great equipment.
Products include several leading RV brands as well as a wide selection of used RVs. The service business has grown significantly since the new facility was built and with a little marketing can grow even more. The dealership sells over 200 units a year. Price includes all assets of the business including real estate, furniture, fixtures, equipment and all RV and parts inventory. The inventory is valued at approximately $1.6 million. The real estate was recently appraised at $850,000.
2016 revenue is $4.3 million. Adjusted EBITDA is $622,000.
Asking Price is $4.3 million (includes real estate and RV inventory).
Several floor plan companies are available to finance the buyout of the seller’s current new inventory (approximately 100 units at $1.6 million). Seller may be willing to finance the purchase of the used inventory depending on the buyer’s experience and other terms of the deal.
For more information contact Rich Jackim at firstname.lastname@example.org or (224) 51305142.Read More
Mergers and acquisitions firm, Jackim Woods & Co released its third white paper covering the recreational vehicle sector. This white paper, entitled How to Value an RV Dealer, looks at the factors that create value in an RV dealership and explores one of the methods that buyers use to determine the value of an RV dealer using the actual financial results of an actual client (albeit with the name changed to protect confidentiality).
If you own an RV manufacturer, dealer or supplier and would like to explore your options, feel free to contact Rich Jackim for a free, confidential consultation at 224-513-5142 or at email@example.com.Read More