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Brunswick Acquires
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Brunswick Acquires
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Brunswick Press Release 23 June 2003LAKE FOREST, Ill.- Brunswick Corporation announced today that it has acquired Land 'N' Sea Corporation for total consideration of approximately $52 million, which consists of $9 million in cash, notes issued to the seller, the assumption of debt and a previous investment. Pompano Beach, Fla.-based Land 'N' Sea is the largest distributor of marine parts and accessories in North America, and handles more than 30,000 different boat and engine parts. It will be part of the Brunswick Boat Group.
"This transaction is the first step in establishing and building a dedicated boat parts and accessories business," explained Dustan E. McCoy, president of the Brunswick Boat Group. "We aim to improve service to our own boat dealers as well as to the more than 10,000 independent dealers and repair shops that already trust and rely on Land 'N' Sea. It is a key step in our strategy to ultimately remove the hassles from boating, get boaters back on the water faster and envelop our dealers with products and services that will add value and profitability to their businesses. Land 'N' Sea, with its same-day service capability, will become the distribution arm of that new business."
"We see significant synergies and opportunities within both the Brunswick framework and the marine industry as a whole to expand this business," said George W. Buckley, chairman and chief executive officer of Brunswick Corporation. "Our dealers are a vital part of our business model, and we believe we can get closer to them and serve as their primary source for a multitude of captive and non-captive after-market parts and accessories by providing superior service and delivery. We can thereby remove a major frustration for both our dealers and our consumers."
"This acquisition brings many capabilities to the Brunswick Boat Group," explained Randy Gray, vice president and general manager of the Brunswick Boat Group Parts and Accessories business. "They include an established and proven distribution infrastructure, immediate management and systems capability, a broad range of boat parts, sourcing expertise and the opportunity to leverage the volumes of the new combined entities' existing customer and supplier relationships."
With 11 distribution centers throughout North America, Land 'N' Sea has the largest distribution network in the marine industry and currently offers same-day or next-day delivery to roughly 60 percent of the marine dealers in North America. Brunswick intends to extend Land 'N' Sea's rapid delivery capabilities to virtually all of its network over time.
"With over 400 employees, Land 'N' Sea has the largest organization serving the marine after-market dealer and independent repair shop customers. This is the best organization in the industry with a proven track record of performance. This team will be invaluable in the Boat Group's efforts to further grow the boat parts and accessories business," Gray added.
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; Teignbridge propellers; MotoTron electronic controls; Northstar marine electronics; IDS dealer management systems; Sea Ray, Bayliner, Maxum, Hatteras, Meridian and Sealine pleasure boats; Baja high-performance boats; Boston Whaler and Trophy offshore fishing boats; Princecraft fishing, deck and pontoon boats; Land 'N' Sea parts and accessories distribution; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables; and Valley-Dynamo pool, foosball and air hockey tables.
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