Brunswick (BC) Acquires Payne's Marine
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Brunswick Corporation (NYSE: BC) announced today it has acquired the assets of Payne's Marine Group of Victoria, British Columbia, a leading wholesale distributor of marine parts and accessories (P&A) in Canada. Terms of the transaction were not disclosed.
Payne's had sales of approximately USD$17 million in 2015. Payne's marine distribution business will become part of Brunswick's global P&A distribution business, which is operated by Brunswick's Mercury Marine division, based in Fond du Lac, Wis.
With strategically located distribution facilities in British Columbia and Ontario, Payne's Marine provides broad geographic coverage as well as timely delivery services, technical expertise and support to customers across Canada. It will be integrated into Mercury Marine's P&A distribution network in Canada, augmenting the presence of Mercury's Land 'N' Sea Canadian channels, particularly in Western Canada where Mercury Marine has made other recent investments, such as a new distribution center in Langley, British Columbia.
"The two companies together will extend both the reach and value of our global P&A distribution network," explained Mercury Marine President John C. Pfeifer. "Further, we believe leveraging the unique expertise of each operation will lead not only to cost and revenue synergies, but also will further accelerate our growth in the important Canadian marine market."
"Our current strategy, as outlined at Brunswick's update to the financial community in November 2015, is to grow both our core marine and fitness businesses, while augmenting such growth through acquisitions primarily in fitness and marine P&A," explained Brunswick Chairman and Chief Executive Officer Mark D. Schwabero. "This action continues the execution of that strategy, and marks the latest acquisition that we have made recently to expand our P&A distribution network's global reach into both segments and geographic areas that offer opportunity, following the acquisition of Bell Recreational Products Group in the Midwest, and BLA in Australia in 2014 and 2015, respectively."
The Payne's Marine acquisition will have minimal impact upon Brunswick's 2016 results.
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