Hatteras Yachts/Cabo Taken Over
An affiliate of Versa Capital Management has acquired the operating businesses of Hatteras/CABO from Brunswick Corporation.
Hatteras Yachts is recognized as a world leader in the construction of convertible sportfishing and luxury motor yachts. CABO Yachts has enjoyed a well-deserved reputation as one the world’s top builders of sportfishing express boats from 36 to 52 feet. The acquisition is effective immediately. Purchase terms were not disclosed.
“Both Hatteras and CABO are cornerstone American brands in their respective luxury marine markets, and both have been affected during the extended economic downturn,” stated Gregory L. Segall, CEO of Versa Capital. “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.”
John Ward, a 24-year marine executive whose experience includes Boston Whaler and Mercury Marine will continue to lead the Hatteras/CABO team as president and chief executive officer. Virtually all Hatteras/CABO employees will be retained.
Based in New Bern, NC, Hatteras began production of its first model in 1959 and pioneered the production of large offshore fiberglass powerboats. They build luxury motor yachts from 60 to 100 feet and sportfishing convertible yachts from 54 to 77 feet.
CABO Yachts has enjoyed a well-deserved reputation as one of the world’s top builders of sportfishing express boats from 36 to 52 feet. For two decades, this premium brand has been defined by its fishability, durability, and performance. The company employs approximately 275 people in New Bern, NC and Ft. Lauderdale, FL.