Malibu Boats, Inc. Appoints William Paxson St. Clair, Jr. to its Board of Directors
June 29, 2017 at 08:11 am EDT
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On June 28, 2017, Malibu Boats, LLC (the “Purchaser”) and wholly owned indirect subsidiary of Malibu Boats, Inc. (the “Company”) entered into an agreement to acquire all of the outstanding units of Cobalt Boats, LLC (“Cobalt”) from its existing members (the “Sellers”) pursuant to a unit purchase agreement, dated as of June 28, 2017 (the “Unit Purchase Agreement”), by and among the Purchaser, Cobalt, and the other parties named therein (the “Acquisition”) for an aggregate purchase price of $130 million, subject to customary adjustments for the amount of working capital in the business at the closing date and subject to adjustment for any judgment or settlement in connection with a pending litigation matter between Cobalt and Sea Ray Boats, Inc. and Brunswick Corporation. On June 27, 2017, the Board of Directors of the Company (the “Board”), subject to and effective upon completion of the Acquisition, increased the size of the Board from nine to ten directors and appointed Mr. William Paxson St. Clair, Jr., current Chief Executive Officer of Cobalt to the Board, with his term to begin on the closing date of the Acquisition.
Malibu Boats, Inc. is a designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive and outboard boats. The Company's brands include Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt. The Companyâs Malibu segment includes manufacturing, distribution, marketing and sale of Malibu and Axis performance sports boats throughout the world. The Company's product portfolio of premium brands is used for a broad range of recreational boating activities including, among others, water sports, general recreational boating and fishing. The Companyâs Saltwater Fishing segment is engaged in manufacturing, distribution, marketing and sale throughout the world of Pursuit boats and the Maverick Boat Group boats (Maverick, Cobia, Pathfinder and Hewes). The Companyâs Cobalt segment is engaged in manufacturing, distribution, marketing and sale of Cobalt boats throughout the world.