MasterCraft Boat Holdings, Inc. is reporting that it has entered into an asset exchange agreement to transfer the rights to its Aviara brand of luxury dayboats and related assets to Cruisers Yachts, a subsidiary of MarineMax, Inc.
Under the terms of the agreement, MasterCraft will transfer ownership of the Aviara brand, including all commercial and operational assets related to Aviara’s product line, to Cruisers Yachts. As part of the asset exchange, MarineMax will pay for all boats on order and select branding and operational assets, including Aviara’s website, tooling and inventory. MarineMax will also assume Aviara’s customer care, warranty liability and administration. MasterCraft will discontinue operations of the Aviara segment, close its Merritt Island, FL, production facility, and offer the property for sale on the open market.
The companies did not disclose other financial details of the agreement.
Brad Nelson, CEO of MasterCraft, said, “Following a review of our strategic growth plans, we are confident this arrangement best positions our company to focus on extending our leadership position in our MasterCraft, Crest and Balise brands, optimize our cost structure, and direct resources towards other long-term growth initiatives. As the primary U.S. retail distributor for Aviara since launch, MarineMax knows the brand and its customers well, and we believe they are the ideal partner to continue managing Aviara and fully supporting existing and future customers moving forward.”
Nelson added, “The hard work and dedication of our incredible Aviara team has quickly enabled this product line to become a blue-chip brand in boating, and they have done an excellent job operating the business through the current market cycle. We are committed to supporting the Aviara team through this transition.”
The transaction remains subject to customary closing conditions and is expected to be completed in the company’s fiscal first quarter.
Image courtesy Aviara
