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Maritimo 2019 HEADER

Malibu Boats completes acquisition of Maverick Boat Group

by Malibu Boats 6 Jan 07:00 PST
Malibu Boats © Malibu Boats

Malibu Boats, Inc. (Nasdaq: MBUU), announced today that it has closed the acquisition of Maverick Boat Group, Inc. ("Maverick"). The transaction was funded with cash on hand and borrowings under its credit facility.

Highlights:

  • Adds strong player in the center console and bay boat space with a distinguished reputation
  • Enhances Malibu's breadth of saltwater outboard offerings with four strong brands
  • Boosts Malibu's manufacturing capacity, product, and distribution expansion opportunities
  • Anticipated to be immediately accretive, excluding purchase accounting and acquisition costs

Maverick designs and manufactures center console, dual console, flats and bay boats and has a strong reputation as a pioneer in flats and bay boats. Since 1984, Maverick has been associated with uncompromised quality and strong performance in the marine industry. With two manufacturing facilities located in Fort Pierce, Florida, Maverick designs and manufactures the Cobia, Pathfinder, Maverick, and Hewes brands.

"As a strong, recognized player in the center console and bay boat category, Maverick is a fantastic addition to our portfolio of industry-leading brands and underscores the strength of our M&A strategy," commented Jack Springer, Chief Executive Officer of Malibu Boats. "Maverick is highly complementary to Pursuit, expanding our saltwater outboard offerings with a strong focus in length segments under 30 feet. In particular, Maverick will allow us to not only leverage strong growth momentum, but also increase production capacity and seize previously untapped demand. We see an amazing opportunity ahead of us as we leverage the strengths of Malibu and Maverick to continue to deliver innovative boats to our customers, while driving long-term growth and profitability for our shareholders."

"Over the last 35 years, Maverick has prioritized its culture on building strong relationships with our team members and customers, while maintaining a continued focus on performance and productivity. Malibu is a perfect partner that shares the same passion for boating, coupled with its ability to drive long-term, profitable growth." said Scott Deal, Chief Executive Officer of Maverick Boat Group.

In connection with the acquisition, Malibu added a $25.0 million incremental term loan facility to its existing credit facility and increased the available borrowing capacity under its revolving credit facility to $170.0 million.

Advisors

Truist Securities, Inc. is acting as Malibu's financial advisor and O'Melveny & Myers LLP is acting as Malibu's legal counsel. Hill Ward Henderson is acting as Maverick's legal counsel.

Webcast and conference call information

Malibu will host a conference call beginning at 8:30 AM EST on Tuesday, January 5, 2021. The conference call may be accessed by dialing (855) 433-0928 or (484) 756-4263 and using Conference ID #2359184. Alternatively, interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section of the Company's website. A replay of the webcast will also be archived on the Company's website for a period of twelve months following the release.

For more information visit www.malibuboats.com

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