Stearns Inc. has signed a definitive agreement to acquire inflatable products manufacturer Sevylor Inc.
Financial details of the agreement were not disclosed, but Paul Ebnet, president of Stearns said that he expects the acquisition to “close by the end of the year, hopefully this quarter.” He also said that it was too early in the process to know exact plans for the company, but that they are learning about the Sevylor business and are excited about the opportunities it presents. “For almost 60 years, Sevylor products have been a part of wonderful days on the water for people around the world”, said Ebnet. “Stearns is excited to continue Sevylors tradition of offering innovative, high-quality products.”
“I am looking forward to the future of Sevylor in its new relationship with Stearns,” commented Conny Klimenko, president and CEO of Sevylor Inc.
The agreement to acquire Sevylor is subject to customary closing conditions, including foreign regulatory approvals, and does not include any assets relating to Manta Ray inflatable towable products.