Brunswick Acquires Whale
Brunswick Corporation has announced that it has acquired Whale, a leading manufacturer of water movement and heating systems for the marine, recreational vehicle, industrial and other markets. Based in Bangor, Northern Ireland, Whale had more than $30 million in sales in 2013, and will be integrated into Brunswick's marine parts & accessories business at Mercury Marine. Terms of the transaction were not disclosed.
"Parts & accessories has become an increasingly important part of our marine business at Brunswick," explained Chairman and Chief Executive Officer Dustan E. McCoy. "We have done a good job of organically growing our marine P&A business, but we also see an opportunity to expand the depth, breadth and global presence of this business through strategic acquisitions. Further, this transaction is consistent with our strategy to utilize our free cash flow to grow our core businesses.
"By incorporating such acquisitions into our current P&A growth plan, we believe we can enhance the growth of the P&A business; broaden the product portfolio; enable our entry into attractive adjacent markets, and expand our global presence in the P&A space," McCoy concluded.
Whale's broad selection of pumps, when coupled with current offerings from Brunswick's Attwood Products, will allow the Company to more fully compete across a number of categories, including pump and water systems. Likewise, Whale products, which have enjoyed success in European markets, will benefit from Brunswick's marine P&A North American presence to build market share. Further, Whale's considerable presence in serving the RV market in Europe, will offer the Company an opportunity to serve an attractive adjacent market, both in North America and overseas.
Brunswick Chief Operating Officer Mark D. Schwabero added, "Like Brunswick, Whale has a legacy of innovation and quality. Its track record of new products during the past five years alone is exemplary, and its latest offerings will provide significant growth going forward."
Whale will continue to be based in Bangor, and will operate as part of Lowell, Mich.-based Attwood, a leading brand in Brunswick's marine P&A operations. The acquisition is expected to have a minimal impact upon Brunswick's earnings in 2014.