Brunswick to acquire Freedom Boat Club, the largest boat club operator
Friday, May 17, 2019 5:49 PM
METTAWA, Ill. (May 17, 2019) – Brunswick Corporation (NYSE: BC) today announced that as part of the Company’s strategy to expand its presence and scale within the emerging and fast-growing boat club segment, it has entered into a definitive agreement to acquire Freedom Boat Club (FBC), the segment’s largest operator. Terms of the transaction were not disclosed.
Freedom Boat Club, founded in 1989, is the largest boat club operator and the premier marine franchisor in the nation. FBC and its franchisees service over 20,000 members, providing them with access to a fleet of nearly 2,200 boats at approximately 170 company-owned or franchised locations across 30 states, Canada and Europe.
“As the leader in the boat club segment, Freedom offers both immediate scale and an established marketplace presence and expertise,” said Brunswick Chief Executive Officer David M. Foulkes. “FBC’s profitable and cycle-resistant business model is an excellent fit within our marine portfolio.
“Importantly, FBC strengthens our ability to benefit from the growth in the broader sharing economy and exposes a wider range of consumers to the boating lifestyle. The growth of the marine industry depends on increasing the number of active boating participants and ensuring that they have a great experience on the water,” Foulkes continued. “This move is a natural extension of our business. It complements our established and growing engine, parts and accessories and boat portfolio with an emerging set of services to expand and enhance our position. We want to encourage and lead the pursuit of alternate forms of participation to expand the popularity of boating.”
Following the completion of the transaction, FBC will become part of Brunswick’s Business Acceleration group, which includes Brunswick’s Boating Service Network (BSN). Through BSN, Brunswick has participated in the boat club and rental market since 2014, establishing a series of partnerships and pilot operations with both select dealers and marina operators.
John Giglio and his experienced management team will continue to lead Freedom Boat Club, which over time has demonstrated a track record of delivering meaningful growth. Over the last five years, FBC has nearly doubled its location footprint and tripled its membership base.
“We’re very excited to join Brunswick,” Giglio said. “Our knowledge and experience of the growing boat club industry, combined with Brunswick’s leading marine resources, will provide FBC and its franchise partners with many new opportunities to accelerate growth and create value, while enhancing the best-in-class boating experience we aim to provide our members.”
“The addition of Freedom Boat Club to our leading portfolio of marine brands will allow us to leverage resources and capabilities to create additional growth and value,” said Brenna Preisser, president - Brunswick Business Acceleration. “Our current and prospective franchisees will be supported with a unique suite of new products and services to help them grow and provide exceptional on-water experiences for members.”
Foulkes concluded, “Freedom Boat Club is an exciting addition to our portfolio for many reasons. It establishes a leadership position in a growing marketplace, provides an entry point for the next generation of boaters, takes advantage of our existing marine assets, and creates a new cycle-resistant profit stream.”
The transaction is subject to customary closing conditions and is expected to close during the second quarter of 2019.
Freedom Boat Club locations
Alabama - Orange Beach
British Columbia - North Vancouver, Port Moody
California - CA Delta Pittsburg, CA Delta Stockton, Huntington Beach, Los Angeles, San Diego Mission Bay Dana Landing, San Diego Bay Cabrillo Isle, San Francisco
Connecticut - Branford, Deep River, Mystic, Stamford, Stratford, Westbrook
District of Columbia - Washington
Delaware - Lewes Ferry Terminal, Lewes Canal, Long Neck
Florida - Alafia River, Anna Maria Pier 77, Bay Pines, Bonita Springs Bonita Beach, Bradenton, Cape Canaveral, Cape Coral, Clearwater, Crystal River, Daytona Beach, Destin, Dunedin, Englewood Ainger Creek Marina, Englewood Cape Haze, Fort Myers Beach, Fort Myers MarineMax, Fort Walton Beach, Ft. Pierce, Hernando Beach, Homosassa Springs, Islamorada, Jacksonville Beach, Jacksonville Mandarin, Johns Pass, Lake Tarpon, Lantana at Suntex Marina, Little Lake Harris, Marco Island, Melbourne Viera, Miami, Naples Bayfront, Naples Brookside Marina, New Smyrna Beach, Palm Coast, Panama City Beach, Pensacola, Pensacola Beach, Perdido Key, Pine Island, Port Hudson, Punta Gorda Burnt Store, Punta Gorda Laishley Park Marina, Ruskin, Sanford, Sarasota Hidden Harbor Marina, Sarasota Marina Jack, Sebastian Inlet, St. Augustine, St. Petersburg, St. Petersburg Skyway, Stuart Pirates Cove Marina & Resort, Tampa I (Hula Bay), Tampa II (Ricks on the River), Tampa III (Harbour Island), Tarpon Springs, Tierra Verde, Treasure Island, Treasure Island II (Yacht Club Members Only), Venice, Venice MarineMax, Vero Beach, West Palm Beach Lake Park, Winter Haven
France - Carnon, La Rochelle, Pornic
Georgia - Lake Lanier Bald Ridge, Lake Lanier Holiday, Lake Oconee, Richmond Hill, Savannah, St. Simons Island
Illinois - Chicago Montrose Harbor, Chicago Streeterville
Indiana - Michigan City Washington Park Marina
Kentucky - Greater Cincinnati
Louisiana - Madisonville
Massachusetts - Beverly, Boston, Cape Cod Cataumet, Cape Cod Chatham, Cape Cod East Dennis, Cape Cod Falmouth, Cape Cod West Dennis, Charlestown, Hingham, Newburyport, Quincy, Scituate
Maryland - Annapolis Fairwinds Marina, Annapolis Horn Point Harbor, Baltimore Harbor East, Baltimore Middle River, Deale Shipwright Harbor
Maine - Naples Maine, Portland Maine, Yarmouth Maine
Michigan - Detroit, Grand Haven, Holland, Lake St. Clair Harrison Twp, St. Joseph, Whitehall
Missouri - Lake of the Ozarks 19MM, Lake of the Ozarks 2MM
Mississippi - Biloxi
North Carolina - Jordan Lake, Lake Norman, Lake Wylie, Southport
New Hampshire - Newington, Portsmouth
New Jersey - Lake Hopatcong, Point Pleasant, Somers Point
New Mexico - Navajo Lake
Nova Scotia, Canada - Halifax Harbour, St. Margarets Bay
New York - Buffalo, Freeport, Glen Cove, Lake George, Lindenhurst, Northport, Port Jefferson, Port Washington
Ohio - Catawba Island Catawba Landing Marina, Cincinnati, Cleveland Rocky River Emerald Necklace Marina, Huron Huron Lagoons Marina
Ontario, Canada - Ottawa, Toronto
Oregon - Portland
Pennsylvania - Lake Wallenpaupack, Pittsburgh
Rhode Island - Barrington, Newport, Portsmouth, Warwick
South Carolina - Hilton Head Island, Lake Hartwell, Mt. Pleasant, Murrells Inlet, North Myrtle Beach, Pawleys Island, Port Royal, Seabrook Island
Tennessee - Knoxville, Nashville Cedar Creek Marina, Nashville Four Corners Marina
Texas - Clear Lake, Dallas Lake Lewisville, Lake Austin, Lake Conroe, Lake Travis Rough Hollow in Lakeway, Lake Travis Sandy Creek Yacht Club in Cedar Park
Virginia - Lake Anna, Portsmouth, Woodbridge
Washington - Bremerton, Edmonds, Lake Washington Kirkland, Olympia, Seattle, Tacoma