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Old 06-02-2009, 08:58 PM
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Default Nautic Global Group signs letter of intent to buy Crownline

ELKHART, Ind. Nautic Global Group has been engaged in a process to acquire the assets of Crownline Boats for the last several weeks, the company reported in a letter to Crownline dealers on May 27.

Nautic has signed a non-binding letter of intent to purchase Crownline's assets, according to the dealer memo. The initial due diligence and bidding process are complete, but Nautic says that additional steps must be taken before the sale is finalized.

"NGG investors and management of NGG are working diligently to expedite the process in order to restore Crownline operations and protect the brand and the dealer network from eroding in today's challenging market," the company said.

As part of the acquisition process, Nautic told Crownline dealers that they would be seeking dealer input through interviews and online surveys during the coming weeks.

Crownline closed its manufacturing facility in mid-December amid financial problems and has repeatedly delayed the reopening the plant, most recently on June 1.

Nautic owns Rinker Boats and Godfrey Marine and is currently the fourth largest boat manufacturer in the U.S., according to the company.
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