MasterCraft Boat Company is to sell its Merritt Island, Florida boat manufacturing plant to RMI Holdings, the parent company of Regal Boats.
The Company had held the facility for open market sale following its agreement to transfer the rights to its Aviara brand of luxury day boats and related assets to a third party.
“We are pleased to announce the sale of our Aviara manufacturing property and facilities to RMI Holdings, the parent company of Regal Boats,” said Brad Nelson, CEO. “We deeply appreciate the opportunity to transact with a great local boating partner, which we anticipate will continue the rich heritage of boat building in the Merritt Island community.”
Brad continued: “The cash proceeds from the transaction further add to our strong financial position, which has provided us with the flexibility to pursue our strategic initiatives, which is focused on extending our leadership position in our MasterCraft, Crest and Balise brands, optimising our cost structure and directing resources towards other long-term initiatives.”
The transaction remains subject to customary closing conditions and is expected to be completed in MasterCraft’s fiscal second quarter.
The plant was acquired by MasterCraft in 2020.
We deeply appreciate the opportunity to transact with a great local boating partner.
Brad Nelson, MasterCraft CEO
The news comes after MasterCraft released its latest financial results for the fiscal 2024 fourth quarter and year ended June 30 2024.
Net sales for the fourth quarter were $67.2 million, down 59.7% from the prior-year period.
Net loss from continuing operations was ($8.1) million, or ($0.49) per diluted share.
For the year, net sales were $366.6 million, down 44.6% from the prior-year and net income from continuing operations was $8.7 million.
MasterCraft ended the year with total debt of $49.3 million.
For the full year fiscal 2025, MasterCraft said it expected consolidated net sales to be between $265 million and $300 million.
“MasterCraft delivered results ahead of our latest expectations as we navigated a challenging economic environment and a highly competitive retail landscape during the fourth quarter and fiscal year,” said Brad.
