Brunswick Corp., parent company of Land ’N’ Sea, recently completed its acquisition of Power Products – Global Marine & Mobile business for $910 million in cash from San Francisco-based private equity firm Genstar Capital.
As previously announced, Genstar will retain Power Products’ Electrical Construction & Maintenance business, now known as ECM Industries, which includes the Gardner Bender, Bergen, King, and Sperry Instruments brands.
With this acquisition, Brunswick adds a broad, highly attractive, and complementary product portfolio of 11 top brands, including Ancor, BEP, Blue Sea Systems, Czone, Del City, Lenco Marine, Marinco, Mastervolt, Park Power, Progressive Industries, and ProMariner to its global Mercury Marine parts and accessories (P&A) business.
Power Products is a leading provider of electrical products, such as battery and power management and digital switching, to marine and other recreational and specialty vehicle markets. The group also manufactures and distributes a wide-ranging and diverse portfolio of marine and transportation parts and accessories.
Power Products joins Mercury Marine’s P&A organization. Mercury Marine is Brunswick’s largest division, and a global leader in marine propulsion as well as marine parts and accessories.
Power Products’ revenues totaled approximately $233 million for the trailing 12-month period ended March 31, with attractive revenue growth, along with strong margin and earnings levels.
“This transaction advances Brunswick’s leadership by adding integrated electrical systems solutions to the marine market and an array of other mobile, specialty vehicle and industrial applications,” said Mark Schwabero, Brunswick chairman and CEO. “Power Products has an extensive aftermarket presence which provides a consistent revenue stream, with attractive margins, that helps to strengthen Brunswick’s overall business profile.”
