Parker Boats President Linwood Parker (left) and Correct Craft President and CEO Bill Yeargin shake hands after the acquisition.
Correct Craft has announced the acquisition of Parker Boats, a manufacturer of offshore and inshore fishing boats based in North Carolina. The terms of the deal remain undisclosed.
Parker Boats, located in Beaufort, North Carolina, specializes in building center consoles, sport cabins, walk-arounds, and dual console boats.
Bill Yeargin, President and CEO of Correct Craft, referred to the acquisition as a “marriage” between the freshwater and saltwater boating industries that will benefit both companies. The Orlando-based Correct Craft is entering a new segment of the marine industry, while Parker Boats can enhance its production capacity.
“With this acquisition, Parker Boats will introduce Correct Craft to a new segment of the marine industry, offering a compelling product line and brand,” Yeargin stated in a press release. “More importantly, Correct Craft and Parker share aligned values, which will further our mission of Making Life Better!”
Founded over 55 years ago, Parker Boats’ president Linwood Parker mentioned that this acquisition will facilitate the introduction of new products and engineering technologies at the Parker facility.
Parker Boats manufactures boats ranging from 18 to 25 feet, including eight models of center consoles.
This April, Correct Craft has been active in expanding its portfolio, acquiring Velvet Drive Transmissions, a manufacturer of marine drive transmissions that will now be part of the Pleasurecraft Marine Engine Group. Correct Craft owns brands such as Nautique, Centurion, Supreme, Bass Cat, Yar-Craft, SeaArk, Parker, and Bryant, and also operates two water parks.
Correct Craft has stated that it has no intention of relocating Parker Boats or altering the current management team.