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Versa splashes out on luxury yacht, sportfishing boatmakers Hatteras, CABO

7 Aug 2013

cabos.jpg_largeMid-market private equity house Versa Capital Management has bought the luxury yacht and sportfishing boatmakers Hatteras and CABO Yachts from Brunswick Corporation.

Versa looks to invest between $10m and $100m per deal, although financial details of its latest deal were not disclosed.

Hatteras has pioneered the production of large offshore fibreglass powerboats since producing its first model in 1959, while CABO has built its reputation as a builder of high quality sportfishing express boats over the past 20 years.

Versa CEO Gregory Segall said, “Both Hatteras and CABO are cornerstone American brands in their respective luxury marine markets, and both have been affected during the extended economic downturn.

“Working with the company’s seasoned management team, we see great opportunity to build value in these businesses while retaining the expertise in engineering and eastern seaboard production that has given Hatteras/CABO their well-earned reputations as premier yacht and sportfishing vessel builders.”

In June Chinese conglomerate Dalian Wanda Group reached an agreement to buy a 91.81 per cent stake in private equity-backed luxury motor yacht manufacturer Sunseeker for £320m.

Irish private equity firm FL Partners had bought a majority stake in Sunseeker for £25m in 2010.

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