Business
MasterCraft Boat Holdings, Inc. Sells NauticStar Business to Iconic Marine Group
VONORE, Tenn., Sept. 08, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”) today announced that its NauticStar business
About this update from Mastercraft Boat Holdings, Inc.
[{"type":"text","content":"VONORE, Tenn., Sept. 08, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”) today announced that its NauticStar business was acquired by a subsidiary of Iconic Marine Group. Iconic Marine Group assumed substantially all liabilities related to the NauticStar business and intends to continue operating the NauticStar business as usual. The transaction, which closed on September 2, 2022, is subject to a customary working capital adjustment. Fred Brightbill, Chief Executive Officer and Chairman of MasterCraft Boat Holdings, commented, “The sale of the NauticStar business to Iconic Marine Group will better position MasterCraft to drive profitable growth. I am confident that focusing on our MasterCraft, Crest and Aviara brands will drive enhanced value for MasterCraft shareholders, and that NauticStar will benefit from a new strategic owner dedicated to the future success of the brand. I want to thank NauticStar’s employees, who have a new home at Iconic Marine Group, for their hard work and dedication to quality and craftsmanship for our customers. We wish them success in the future.” As previously announced on August 9, 2022, the NauticStar business will be accounted for as discontinued operations under GAAP beginning in the Company’s fiscal first quarter of 2023. Additional detail will be provided on the Company’s fourth quarter and full year 2022 conference call on September 8, 2022. About MasterCraft Boat Holdings, Inc. Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its three brands, MasterCraft, Crest and Aviara. Through these three brands, MasterCraft Boat Holdings has leading market share positions in two of the fastest growing segments of the powerboat industry – performance sport boats and pontoon boats – while entering the large, growing luxury day boat segment. For more information about MasterCraft Boat Holdings, and its three brands, visit: Investors.MasterCraft.com, www.MasterCraft.com, www.CrestPontoonBoats.com, and www.AviaraBoats.com. Forward-Looking Statements This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by such wo...