Brunswick sells Hatteras/Cabo to private equity firm

[IRGuy]

Lifted from a post on THT...

Philadelphia private equity firm Versa Capital Management has bought the operating businesses of the Hatteras/Cabo sportfishing boat and yacht building companies, both based in New Bern, but financial terms of the deal were not immediately disclosed.

Versa stated in a news release about the deal that “virtually all” of the 275 people that Hatteras/Cabo employs in New Bern and in Ft. Lauderdale, Fla., will be retained in the acquisition, which is effective immediately.
Hatteras Yachts and Cabo Yachts consolidated their operations in New Bern in 2010. Hatteras has always been based in New Bern since producing its first boat model in 1959. Cabo Yachts moved all of its production from Adelento, Calif., to New Bern in 2010.

Versa acquired the companies from Illinois-based Brunswick Corp. (NYSE: BC), which put the Hatteras/Cabo companies on the market for sale in January. Brunswick had owned Hatteras Yachts since 2001 and had owned Cabo since 2006. Hatteras/Cabo will continue to be led by John Ward as the group’s president and chief executive officer.
“We are very excited to become part of the Versa team, given their financial and operational expertise,” Ward stated in the news release. “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.”
Versa is a private equity investment firm with $1.3 billion of assets under management, including the Vestis outdoor retail apparel and equipment company, the Civitas group of community newspapers, Black Angus Steakhouses and Polartec.

Hatteras builds luxury motor yachts from 60 to 100 feet and sportfishing convertible yachts from 54 to 77 feet. CABO Yachts builds sportfishing express boats from 36 to 52 feet.

[Bertramp]

I think Hatteras was originally in High Point, NC and moved as the boats got larger. I was at their old plant.