Versa Capital Management, LLC, a private equity investment firm based in Philadelphia, and its affliate announced it had bought Hatteras/CABO from the Brunswick Corporation. Hatteras Yachts is well-known as a manufacturer of luxury motor yachts and convertible sportfishing. CABO Yachts is also among the world's top rated builders of sportfishing express boats that span between 36 and 52 feet. The financial details of the transaction were not revealed but the companies involved confirmed that the acquisition was effective immediately.
"Both Hatteras and CABO are cornerstone American brands in their respective luxury marine markets, and both have been affected during the extended economic downturn. 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," Gregory L. Segall, the chief executive officer of Versa Capital, said.
Versa Capital Management will keep John Ward, a 24-year marine executive, as Hatteras/CABO chief executive officer and president. The Hatteras/CABO workforce will also be retained.
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