Brunswick close to sale on Hatteras, CABO
By Liz Keener
July 26, 2013
Filed under News
Brunswick appears to be nearing a deal to sell its Hatteras and CABO yacht brands to an affiliate of a private equity firm.
The company asked the city of New Bern, N.C., to extend a special economic development utility rate to the new buyers, as found in July 23 meeting minutes posted on the Coastal Carolina Taxpayers Association website. In its letter to the city, Brunswick states, "within the next few weeks we intend to enter into an asset purchase agreement whereby we will sell the Hatteras and CABO yacht business to Navis HCY Acquisition LLC, an affiliate of Versa Capital Management, LLC. Versa Capital is a leading Philadelphia based private equity firm.”
Versa Capital specializes in legal and operation aspects of turnaround and distressed investments. Affiliates of Versa Capital also own properties such as Black Angus Steakhouse and Eastern Mountain Sports.
The deal has not yet been finalized, the New Bern Sun Journal reported Wednesday, because the companies are still in the process of negotiating.