The Brunswick Corporation has sold the Kidderminster, Worcestershire, UK-based motorcruiser builder Sealine to the Oxford Investment Group. The terms of the deal are undisclosed.
“We have been looking to enter the leisure marine sector for some years and it was important for us to find the right business,” says Selwyn Isakow, the Oxford Investment Group’s chairman. “Sealine has produced some world beating boats in the last five years and its success with a rejuvenated brand in a difficult market is a fantastic story.”
Together with fellow investor Conrad Prebys, Isakow plans to expand Sealine’s international presence and will be looking to add other marine brands to the company's portfolio.
Chris O’Connor, who joined Sealine as managing director in June 2010, will remain with Brunswick Corporation. The Oxford Investment Group’s James Bursey, a Canadian that in the past worked was COO at the Ontario motoryacht builder Neptunus, will assume the role of managing director.
“This decision to sell Sealine was part of our strategic review to further refine our product portfolio and to best concentrate our resources on our continuing brands and the marine segments in which we compete,” says Dustan McCoy, Brunswick’s chairman and CEO. “A primary goal at Brunswick going forward is to better exploit our opportunities for organic growth and to gain share in the marketplace... For the past several years, we have been steadily transforming our operating model and business structure to be more consistent with a changing marine environment.”
Sealine was established in 1972 and bought by Brunswick in 2001.
For more, www.sealine.com