Another Merger in the Yachting Industry! Marine Products Acquired by Peer MasterCraft for $232.2 Million
Recently, U.S. recreational boat company MasterCraft Boat Holdings (NASDAQ: MCFT) announced the acquisition of another boat company, Marine Products Corporation (NYSE: MPX), for approximately $232.2 million (net of acquired cash) through a cash-and-stock transaction. The deal is expected to close in the second quarter of 2026.
Under the agreement, upon completion, MasterCraft shareholders will hold 66.5% of the combined company, while Marine Products shareholders will hold 33.5%. Each Marine Products share will receive $2.43 in cash and 0.232 shares of MasterCraft common stock, for a total value of $7.79 per share.
Founded in 1968 and headquartered in Vonore, Tennessee, MasterCraft Boat Holdings is a leading designer, manufacturer, and marketer of recreational boats, with brands including high-performance powerboat MasterCraft, and recreational boat brands Crest and Balise.
In the second quarter of fiscal 2026 (ended December 28, 2025), net sales increased 13.2% year-over-year to $71.8 million, with adjusted net income of $4.7 million (compared to $1.7 million in the same period last year). For the full fiscal 2025 (ended June 30, 2025), net sales declined 11.8% to $284.2 million, with adjusted net income of $15.1 million.
As of the close on February 9, MasterCraft shares were $24.66, with a market capitalization of approximately $400 million.
Marine Products was spun off from RPC in 2000 and is a leading manufacturer of high-quality fiberglass boats, with recreational boat brand Chaparral and sport fishing boat brand Robalo, sold through 203 domestic and 87 international independent authorized dealers.
The company recently reported full fiscal 2025 results (ended December 31, 2025): net sales increased 3% year-over-year to $244.4 million, with adjusted net income of $12.4 million.
The combined company will leverage MasterCraft's innovation and operational capabilities along with Marine Products' product strengths and dealer network to meet the needs of different market segments with a more scaled and diversified product portfolio.
Based on pro forma data (for the 12 months ended June 30, 2026), the combined company is expected to have net sales of approximately $560 million and adjusted EBITDA of approximately $64 million.
The merger is expected to improve operating margins through cost savings from Marine Products' public company costs and administrative expenses (estimated annual net savings of approximately $6 million), among other measures, and is expected to increase adjusted earnings per share in fiscal 2027.
The combined company will have a strong balance sheet with no debt and ample liquidity, providing greater financial flexibility to support continued growth investments while maintaining a disciplined capital allocation framework.
In terms of personnel, MasterCraft CEO Brad Nelson and CFO Scott Kent will remain in their roles at the combined company. The board will expand from 7 to 10 seats, with three new directors added, and Roch Lambert serving as Chairman.
The combined headquarters will remain in Vonore, Tennessee, while Chaparral and Robalo operations will be retained in Nashville, Georgia. MasterCraft plans to operate these two brands as independent units, preserving their leadership teams, brands, and employees.
｜Source: Official press release
｜Image source: Official Facebook pages of each brand