Recreational products company Brunswick Corp. said Aug. 9 that it completed its acquisition of electrical products maker Power Products LLC's global marine and mobile business for $910 million in cash.
The Illinois-based maker of boating, fitness and game equipment purchased the unit from San Francisco-based private equity firm Genstar Capital LLC, which will retain ownership of Power Products' electrical construction and maintenance business.
The acquisition includes the Power Products brands Ancor, BEP, Blue Sea Systems, Czone, Del City, Lenco Marine, Marinco, Mastervolt, Park Power, Progressive Industries and ProMariner. They will be added to the parts and accessories segment of Brunswick's Mercury Marine division, which specializes in marine propulsion and marine parts and accessories.
Brunswick financed the deal through a combination of one-, three- and five-year term loans totaling $800 million, along with cash on hand.
Brunswick Chairman and CEO Mark Schwabero said in a statement: "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."