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Malibu Boats raises cash
Posted on Thursday, 10 August 2017 06:49
US boat building firm Malibu Boats has unveiled a public offering worth up to USD 54.52 million in order to repay part of its loan and for general working capital.

The company is issuing 2.00 million Class A common shares, representing a 10.0 per cent stake in the group’s enlarged capital, each at USD 27.26, based on its close on 7th August 2017, the last trading day prior to the announcement.

Malibu Boats has granted the underwriters an overallotment option to acquire an additional 300,000 Class A common shares.

Completion is expected on 31st August 2017, subject to a number of customary closing conditions.

No further details of the cash call were disclosed.

Tennessee-based Malibu Boats produces sport boats used for water sports, including water skiing, wakeboarding and wake surfing.

The business, which is listed on Nasdaq under the ticker symbol MBUU, posted net sales of USD 206.83 million in the nine months ended 31st March 2017, an 11.0 per cent increase on USD 186.29 million in the corresponding timeframe of 2016.

Net income totalled USD 20.81 million in the first three quarters of 2017 (Q1-Q3 2016: USD 16.21 million).

Earlier this year, Malibu Boats inked an agreement to buy US sterndrive and outboard boats manufacturer Cobalt Boats for around USD 130.00 million as part of its growth strategy.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 21 deals targeting boat builders announced worldwide during 2017 to date, with Malibu Boats’ acquisition of Cobalt Boats being the largest.

Stiletto Manufacturing, Woosung and Catana Group, among others, have also been targeted so far this year.

© Zephus Ltd