CMC Boat Group, led by marine industry veterans Wally Castro and Scot Conrad, has acquired Outerlimits Powerboats, bringing new ownership to the Bristol, Rhode Island builder of custom high-performance V-bottoms and catamarans.
Financial terms of the transaction have not been disclosed. CMC says it plans to invest in Outerlimits’ people, products and facilities, including a new manufacturing site less than five miles from the company’s existing factory in Bristol.
The aim is to expand production capability while retaining the brand’s hand-built construction methods and highly personalised approach.
Castro and Conrad say the acquisition is intended to preserve the identity Outerlimits has built in the performance-boat market, while giving the company additional resources for its next phase. Castro has spent more than 16 years helping lead Wally Castro Marine in Puerto Rico and has a background in offshore powerboat racing.
Competitive boat racer
Conrad, owner of SLT Collection in Fort Lauderdale, has more than 30 years’ experience in the marine industry, including a period as a partner at Nor-Tech Hi-Performance Boats from 2011 to 2016, and 13 years as a competitive boat racer.
“Outerlimits has always represented something special in the performance boating world,” said Conrad.
“These aren’t boats built for everyone. They’re for people who want performance, craftsmanship and something that feels like their own. Wally and I share that philosophy, and we’re committed to protecting that identity while taking the company forward.”
Several long-standing members of the Outerlimits business will remain in place. Dan Kleitz, who has been with the company for more than 16 years and has managed day-to-day operations for more than a decade, will continue in his role.
Donna Fiore, sister of late Outerlimits founder Mike Fiore, will also remain with the company to provide continuity as the new ownership takes over.
“Outerlimits has always been about more than building fast boats,” said Fiore. “It is a brand with a history, a personality and a tremendous amount of pride behind it. Being the only high-performance boat manufacturer in the Northeast gives Outerlimits a special place in the industry, and I believe that heritage is worth protecting.”
Leadership positions
Reinaldo Maykot will support Castro and Conrad in the operation. Maykot has nearly 30 years of business experience, including leadership positions with Brunswick Corporation involving Boston Whaler, Sea Ray and Bayliner.
He said the deal represented “a long-term investment in the brand” and that his role would be to bring business systems and resources to support growth while maintaining the company’s character.
Outerlimits was founded in 1993 by Mike Fiore and became known for custom high-performance boats, V-bottom design, composite construction, racing results and speed records. CMC says the business will remain focused on individually built boats with an emphasis on performance and craftsmanship as it moves into its next ownership phase.
