Beneteau Group Acquires Michigan’s Rec Boat Holdings
French luxury yacht manufacturer Beneteau Group recently acquired U.S.-based Rec Boat Holdings (RBH), manufacturer of the Four Winns, Glastron, Wellcraft and Scarab boat brands. Beneteau Group builds large yachts in Europe and wanted to expand into the North American market.
“After launching sales of motorboats more than 12 meters in 2010, the group is embarking on the second phase of its project, with motorboats under 12 meters, which requires an industrial investment in America,” Beneteau representatives said in a statement. “On its own, this segment accounts for nearly 40 percent of the overall motorboat market in the United States.”
RBH, based in Cadillac, Michigan, has revenues of around $150 million and currently employs 475 people, with a network of more than 200 dealers across North America.
In 2010, Platinum Equity bought RBH from bankruptcy assets and moved manufacturing of the Glastron brand from Minnesota to Cadillac. Platinum invested more than $9 million, enabling RBH to add 35 new models of Four Winns and Glastron boats and introduce a new Scarab line of jet boats.
Current management of RBH will remain in place for an extended period and the company will likely continue building boats in Michigan.
For more information, visit beneteauusa.com.