An affiliate of Versa Capital Management has acquired the operating businesses of Hatteras/CABO from Brunswick Corporation.
Hatteras Yachts produces sportfishing and luxury motor yachts, while CABO Yachts builds sportfishing express boats from 36 to 52 feet.
The acquisition is effective immediately. Purchase terms have not been disclosed.
“Both Hatteras and CABO are cornerstone American brands in their respective luxury marine markets, and both have been affected during the extended economic downturn,” says Gregory L Segall, chief executive of Versa Capital. “Working with the company’s seasoned management team, we see great opportunity to build value in these businesses while retaining the expertise in engineering and eastern seaboard production that has given Hatteras/CABO their well-earned reputations as premier yacht and sportfishing vessel builders.”
John Ward, a 24-year marine executive whose experience includes Boston Whaler and Mercury Marine, will continue to lead the Hatteras/CABO team as president and chief executive officer. Virtually all Hatteras/CABO employees will be retained.
“We are very excited to become part of the Versa team, given their financial and operational expertise,” says Ward. “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.”
