Boating Industry

November 2016

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Page 9 of 51 INDUSTRY NEWS 10 | Boating Industry | November 2016 gregate transaction value of approximately $5.5 billion. Cabela's was founded in 1961 by Dick, Mary and Jim Cabela, and today has more than 19,000 "outfitters" operating 85 spe- cialty retail stores, primarily in the western U.S. and Canada. Bass Pro Shops, founded in 1972 by Johnny Morris has 99 stores and Tracker Marine Centers located primarily in the eastern part of the U.S. and Canada. Morris started the business with eight square feet of space in the back of his father's liquor store in Springfield, Mo., the company's sole loca- tion for the first 13 years of business. Bass Pro Shops, which employs approximately 20,000 team members, has been named by Forbes as one of "America's Best Employers." The company also operates Big Cedar Lodge, America's Premier Wilderness Resort, wel- coming more than one million guests annu- ally to Missouri's Ozark Mountains. In 1978, Morris introduced Tracker. Now, as White River Marine Group, it includes multiple brands including Tracker Boats, Sun Tracker, Nitro, Tahoe, Regency, Mako, Ranger, Triton and Stratos. The transaction is expected to close in 2017. METS owner purchases 50 percent stake in IBEX RAI Amsterdam, owner and producer of METSTRADE (The Marine Equipment Trade Show), has purchased a 50 percent stake in IBEX from WoodenBoat Publica- tions Inc., publisher of Professional BoatBuilder magazine. RAI Amsterdam will partner with the National Marine Manufacturers Association to produce future IBEX events. While IBEX and the METSTRADE Show will continue to maintain their unique focus and identity, IBEX will be powered by METSTRADE to foster international growth in attendees, ex- hibits and sponsorships. "Working alongside Professional Boat- Builder we have made IBEX the best ma- rine trade event in North America. Through our new partnership with the RAI, we will build on that foundation to create the best marine trade event in the world," said Thom Dammrich, president of NMMA. "The RAI brings a wealth of event experience that will allow us to further our international efforts as we continue helping our members grow their business around the globe." "We are looking forward to partnering with the NMMA to bring together more in- dustry resources for recreational marine busi- nesses and professionals globally. As the new co-owners of IBEX, we will work together to grow an international presence of marine manufacturers and technology at IBEX while giving European businesses more access to U.S. professionals," said Ids Boersma, Execu- tive Vice President of RAI Exhibitions. "To- gether, IBEX and the METSTRADE Show will be more collaborative to ensure all of the latest worldwide industry developments, training and products are being brought to the professionals attending each event." Jury orders Malibu Boats to pay $3.1 million to Marine Power for breach of contract A recent suit between Marine Power, LLC and Malibu Boats, LLC for a breach of con- tract has been concluded in Marine Power's favor, according to documents obtained by Boating Industry. Marine Power, a company that designs, manufacturers and sells high-performance sport boat engines, alleges the company entered into a business relationship with Malibu Boats. Through it, Malibu agreed to buy engines through purchase order 557 PO, which called for Marine Power to manufac- ture 571 engines for a total purchase price of $5,954,102.00. By the end of March 2014, Malibu informed Marine Power that it did not wish to pursue a long-term agreement with the company and would not be using Marine Power as a supplier of any engines for model year 2015. Marine Power alleged it entirely or sub- stantially performed its obligations under the 557 PO and Malibu breached its obligations, damaging Marine Power. A jury in the United State District Court of the Eastern District of Louisiana found that a contract existed between the two com- panies and that it was a contract to build. The jury determined Malibu Boats owes Marine Power $1.8 million as a result of Malibu's termination of the contract. Because the jury determined the contract was terminated in bad faith, Malibu Boats owes Marine Power an additional $1.3 million in damages for lost profits, for a total of $3.1 million. "We are pleased that the federal court jury in New Orleans rendered a verdict in Marine Power's favor finding that Malibu's unilateral termination of a Purchase Order with Marine Power for 571 custom engines designed for Malibu's Wakesetter boats was without just cause and in bad faith, and awarding Marine Power its full damages in the amount of $3.1 million," a spokesperson from Marine Power told Boating Industry. "Marine Power has always been committed to working with its customers as partners and to building and de- livering the highest quality engines, and the jury's verdict in this case vindicates these core values of our company. While it is likely that Malibu will appeal, we are confident that the jury's verdict will be upheld." "We were disappointed with the outcome of the case and while we disagree with the jury's findings we respect the process," a spokesperson for Malibu Boats told Boating Industry. "We are now considering all of our legal options including appeal. Based on our understanding of the facts we believe that we have several alternatives available to us and expect that in due time we along with our legal team will proceed with our next steps." Garage Composites to offer marine 20 clubs Garage Composites, the parent company of Sam's Watersports Dock, is announcing a new opportunity for marine dealerships at the upcoming Marine Dealer Conference & Expo. The dealership training company, led by MDCE's closing keynote speaker Sam Dant- zler, will be offering 20 clubs for the first time in the marine industry. Dantzler and Garage Composites already offer 20 club service in

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