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Brunswick buys Land 'N' Sea

Old 06-24-2003, 08:59 AM
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Default Brunswick buys Land 'N' Sea

LAKE FOREST, Ill., June 23 /PRNewswire-FirstCall/ -- Brunswick Corporation
(NYSE: BC) announced today that it has acquired Land 'N' Sea Corporation for
total consideration of approximately $52 million, which consists of $9 million
in cash, notes issued to the seller, the assumption of debt and a previous
investment. Pompano Beach, Fla.-based Land 'N' Sea is the largest distributor
of marine parts and accessories in North America, and handles more than 30,000
different boat and engine parts. It will be part of the Brunswick Boat Group.
"This transaction is the first step in establishing and building a dedicated
boat parts and accessories business," explained Dustan E. McCoy, president of
the Brunswick Boat Group. "We aim to improve service to our own boat dealers
as well as to the more than 10,000 independent dealers and repair shops that
already trust and rely on Land 'N' Sea. It is a key step in our strategy to
ultimately remove the hassles from boating, get boaters back on the water
faster and envelop our dealers with products and services that will add value
and profitability to their businesses. Land 'N' Sea, with its same-day
service capability, will become the distribution arm of that new business."
"We see significant synergies and opportunities within both the Brunswick
framework and the marine industry as a whole to expand this business," said
George W. Buckley, chairman and chief executive officer of Brunswick
Corporation. "Our dealers are a vital part of our business model, and we
believe we can get closer to them and serve as their primary source for a
multitude of captive and non-captive after-market parts and accessories by
providing superior service and delivery. We can thereby remove a major
frustration for both our dealers and our consumers."
"This acquisition brings many capabilities to the Brunswick Boat Group,"
explained Randy Gray, vice president and general manager of the Brunswick Boat
Group Parts and Accessories business. "They include an established and proven
distribution infrastructure, immediate management and systems capability, a
broad range of boat parts, sourcing expertise and the opportunity to leverage
the volumes of the new combined entities' existing customer and supplier
With 11 distribution centers throughout North America, Land 'N' Sea has the
largest distribution network in the marine industry and currently offers
same-day or next-day delivery to roughly 60 percent of the marine dealers in
North America. Brunswick intends to extend Land 'N' Sea's rapid delivery
capabilities to virtually all of its network over time.
"With over 400 employees, Land 'N' Sea has the largest organization serving
the marine after-market dealer and independent repair shop customers. This is
the best organization in the industry with a proven track record of
performance. This team will be invaluable in the Boat Group's efforts to
further grow the boat parts and accessories business," Gray added.
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to
instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including
Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and
inboard engines; Teignbridge propellers; MotoTron electronic controls;
Northstar marine electronics; IDS dealer management systems; Sea Ray,
Bayliner, Maxum, Hatteras, Meridian and Sealine pleasure boats; Baja
high-performance boats; Boston Whaler and Trophy offshore fishing boats;
Princecraft fishing, deck and pontoon boats; Land 'N' Sea parts and
accessories distribution; Life Fitness, Hammer Strength and ParaBody fitness
equipment; Brunswick bowling centers, equipment and consumer products;
Brunswick billiards tables; and Valley-Dynamo pool, foosball and air hockey

SOURCE Brunswick Corporation
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