Malibu Boats, Inc. has announced that it will acquire Cobalt Boats, a privately held manufacturer of premium sterndrive and outboard boats in Neodesha, Kan.
Founded in 1968, Cobalt is the market leader in the mid- to large-sized sterndrive boat market and has recently expanded into the surf and outboard markets. Its current product portfolio consists of 24 models across six proprietary series. Cobalt sells its boats through a well-established dealer network of 132 locations in the U.S., Canada, and overseas.
“It is hard to know where to start, given how positive we are about this opportunity. We are excited at the prospect of combining two iconic brands with extensive dealer networks, leading market shares and strong product innovation,” said Malibu’s Chief Executive Officer, Jack Springer. “We are very excited about bringing Cobalt, its proven management and experienced employees into the Malibu family. Cobalt is a world-class brand with a rich history of delivering performance, innovation and uncompromising quality. In addition, the St. Clair family is known for their passion and integrity, and this has been proven and re-proven throughout this process.”
Cobalt’s Chief Executive Officer, Paxson St. Clair, commented, “This is an outstanding opportunity for Cobalt, our employees and our dealer network. As our focus has always been on the long-term success of the company, Malibu brings us a new level of opportunity through accelerated growth and brand awareness. I look forward to working with the Malibu team and continuing our legacy of market leadership.”
Get more information at cobaltboats.com and malibuboats.com.