Brunswick has announced its intention to acquire Freedom Boat Club.
Brunswick Corp. has made a strategic move into the boat club industry.
The company revealed that it has signed a definitive agreement to purchase Freedom Boat Club, the largest operator of boat clubs and marine franchisor in the U.S. Financial terms of the deal remain undisclosed.
Established in 1989, Freedom Boat Club boasts over 20,000 members who gain access to a fleet of nearly 2,200 boats. The company operates around 170 locations either owned or franchised across 30 states, Canada, and Europe.
“As the dominant player in the boat club sector, Freedom provides both immediate scale and a solid presence and expertise in the marketplace,” stated Brunswick CEO David M. Foulkes in a press statement. “The profitable and resilient business model of FBC is a great addition to our marine portfolio.
“Crucially, FBC enhances our capacity to take advantage of the growth in the larger sharing economy and introduces a broader audience to the boating lifestyle. The marine industry’s growth relies on increasing active boating participants and ensuring they have an enjoyable experience on the water.”
John Giglio and the current management team will continue to lead Freedom Boat Club. In the past five years, FBC has nearly doubled its footprint and tripled its membership.
“We’re thrilled to be joining Brunswick,” Giglio expressed. “Our understanding and expertise in the expanding boat club sector, combined with Brunswick’s premier marine resources, will offer FBC and its franchise partners fresh opportunities to accelerate growth and create value while enhancing the top-tier boating experience we strive to offer our members.”
“Incorporating Freedom Boat Club into our extensive portfolio of marine brands enables us to utilize resources and capabilities to drive additional growth and value,” commented Brenna Preisser, president of Brunswick Business Acceleration. “Our existing and future franchisees will receive a unique array of new products and services to support their growth and deliver exceptional on-water experiences for members.”
Brunswick, which owns Mercury Marine and various boat producers, plans to integrate its boat and power facilities into the clubs.
Once the deal is finalized, FBC will become a component of Brunswick’s Business Acceleration group, which includes Brunswick’s Boating Service Network (BSN). Since 2014, Brunswick has engaged in the boat club and rental market through BSN, forming partnerships and pilot operations with select dealers and marina operators.
The acquisition is anticipated to be completed during the second quarter of 2019.