Malibu Boats, Inc. has acquired Saxdor Yachts, a maker of adventure dayboats based in Helsinki, Finland, for approximately €150 million ($175 mm), or roughly 7.2x estimated EBITDA for the twelve months ending March 31, 2026.

Founded in 2019 by Sakari Mattila, Saxdor Yachts reports that it has manufactured and delivered “2,000 boats worldwide and employs 800 workers” at its three engineering and manufacturing facilities in Finland and Poland.

“Guided by our build, innovate and grow framework, we set a high bar for acquisitions, and Saxdor clears it easily with world-class boats, industry-leading growth and global reach,” said Steve Menneto, chief executive officer of Malibu. “With Saxdor, we are taking a meaningful step towards our vision of becoming a global marine solutions and services provider. The strategic merits of this transaction extend beyond increased scale and portfolio expansion; it also establishes a global manufacturing footprint which provides for improved sourcing, expanded service capabilities and a deeper distribution infrastructure, creating a more diversified, more resilient platform that can deliver results through market cycles.”

Mailibu reported the following transactional highlights:

  • Leader in the Fastest-Growing Segment: “Acquiring one of the world’s fastest-growing boat brands, operating in the $2.5 billion adventure dayboat category, the most dynamic segment in global recreational boating, estimated to be growing at a 15 percent CAGR according to SSI data (2023-2025), Saxdor achieved year-over-year constant currency revenue growth of approximately 65 percent in calendar 2025 and is expected to generate revenue of USD $225 million to $235 million for the 12 months ending March 31, 2026.”
  • Enhances MBI Portfolio: “Fills strategic whitespace between Cobalt’s luxury sterndrive positioning and Pursuit’s offshore capability, offering premium luxury at competitive price points. Saxdor extends consumer reach to a sought-after demographic of younger, affluent and “new-to-boating” buyers worldwide. North America, home to approximately 67 percent of the world’s high-net-worth adults and the fastest-growing major wealth market, represents just 33 percent of Saxdor’s revenue today, underscoring significant runway for growth under MBI’s distribution, services and manufacturing infrastructure.”
  • Global Distribution Synergy: “Saxdor currently distributes through a dedicated network of over 100 dealer locations in more than 50 countries across 5 continents, including North America, where Saxdor enjoys a strong and growing partnership with MarineMax, Inc. For the year ended December 31, 2025, sales in Europe and North America accounted for approximately 50 percent and 33 percent, respectively, of Saxdor’s total revenue. MBI believes there is a significant opportunity to scale Saxdor into a global leader in recreational boating by further developing Saxdor’s existing distribution footprint while also exploring long-term opportunities to enhance global reach and consumer access across the combined portfolio.”
  • Expanding Profit Margins are Immediately Accretive: “As Saxdor continues to scale its production and deliver industry-leading growth, its profitability continues to expand as well. For the 12 months ending March 31, 2026, Saxdor is expected to generate EBITDA margins of 10 percent to 11 percent with an outlook towards further margin growth in Malibu’s Fiscal 2027. The addition of Saxdor will be immediately accretive to MBI’s adjusted EBITDA margin profile and is expected to accelerate the company’s long-term margin expansion.”
  • Valuation and Structure Supports EPS Accretion and Continued Capital Returns: “Based on the transaction valuation and the consideration mix of 73 percent cash and 27 percent stock, the acquisition of Saxdor is expected to be accretive to MBI’s earnings per share in the current fiscal year and significantly accretive in Fiscal 2027. The balanced funding structure results in pro forma net leverage of approximately 1.5x, well below the company’s stated maximum net leverage of 2.5x, thus preserving the company’s financial flexibility to invest in future growth initiatives while continuing to return capital to shareholders.”
  • Multiple Value Creation Opportunities: “MBI Advantage to drive incremental value and operating efficiencies through procurement, scale, vertical integration via Marine Components, and an opportunity to meaningfully increase MBI’s North American manufacturing utilization. Management also expects to extend MBI Acceptance retail financing and dealer service capabilities to Saxdor’s growing customer base, further diversifying MBI’s revenue streams and strengthening the durability of the company across market cycles.”

Transaction Details
MBI acquired Saxdor for approximately €150 million (USD $175 million), comprised of EUR 110 million (USD $130 million) in cash plus shares of Malibu common stock valued at approximately €40 million (USD $45 million). The cash consideration was financed through cash on hand and MBI’s existing credit facility. Saxdor’s shareholders may earn up to €72 million (USD $84 million) in additional consideration upon achievement of certain operating and financial growth targets in calendar years 2026, 2027 and 2028.

Saxdor will operate as a subsidiary of MBI while maintaining its brand identity and operational autonomy. Founder and Chief Designer Sakari Mattila will continue in this role for Saxdor, as well as advise on MBI’s broader portfolio of brands. Saxdor’s management and operational teams will join MBI and continue to drive Saxdor’s product innovation and growth strategy.

Advisors
Wells Fargo is serving as the exclusive financial advisor to MBI, and Baker McKenzie is serving as legal counsel. D.A. Davidson MCF International and Clairfield International are serving as financial advisors to Saxdor’s shareholders, and Bird & Bird is serving as legal counsel to Saxdor and its shareholders

Fiscal 2026 Guidance
The company is reaffirming its fiscal third-quarter and full-year fiscal 2026 guidance for the legacy MBI business, which did not include assumptions for any acquisition activity, including Saxdor. Given the Saxdor transaction’s closing date of March 2, 2026, the company anticipates recognizing a partial fiscal third-quarter contribution associated with this business when it reports results for the quarter ended March 31, 2026.

Image courtesy Saxdor Yachts