Announcement • May 15
MasterCraft Boat Holdings, Inc. (NasdaqGM:MCFT) completed the acquisition of Marine Products Corporation (NYSE:MPX) from LOR, Inc. and others.
MasterCraft Boat Holdings, Inc. (NasdaqGM:MCFT) entered into an agreement and plan of merger to acquire Marine Products Corporation (NYSE:MPX) from LOR, Inc. and others for approximately $270 million on February 5, 2026. Under the terms of the agreement, Marine Products shareholders will receive $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine Products they own. Based on MasterCraft’s closing share price of $23.12 on February 4, 2026, this consideration implies a value of $7.79 per Marine Products share. The corresponding transaction value of $232.2 million represents approximately 7.2x Marine Products’ expected EBITDA for the twelve months ending June 30, 2026, after adjusting for the elimination of approximately $6 million of public company costs and corporate overhead. Upon closing of the transaction, MasterCraft shareholders will own 66.6% and Marine Products shareholders will own 33.4% of the combined company. The transaction has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Board of Directors of Marine Products. The transaction is expected to be financed through combined cash on hand. MCBH intends to fund the cash portion of the consideration with combined cash on hand. As of December 31, 2025, MCBH and Marine Products had cash and cash equivalents of $81.4 million and $43.5 million, respectively. In case of termination, Marine Products is required to pay MasterCraft a termination fee of $11.6 million, and vice versa.
Upon completion of the transaction, Nelson, Chief Executive Officer of MasterCraft, will serve as Chief Executive Officer of the combined company, and Scott Kent, Chief Financial Officer of MasterCraft, will serve as Chief Financial Officer of the combined company. MasterCraft expects to maintain the Chaparral and Robalo leadership teams, brands and employees as a separate operating unit. Following closing, MasterCraft’s Board of Directors will expand from seven to 10 directors and include three new directors. Roch Lambert will serve as Chair of the Board of the combined company. The combined company will be headquartered in Vonore, Tennessee and will maintain the Chaparral and Robalo operating facilities in Nashville, Georgia. Upon completion, Marine Products common stock will be delisted from the NYSE and deregistered under the Exchange Act.
The transaction is expected to close in the second calendar quarter of 2026, subject to approval by both MasterCraft and Marine Products shareholders and the satisfaction of other customary closing conditions. The transaction has been unanimously approved by the Board of Directors of both companies and the Special Committee of the Board of Directors for Marine Products. On April 6, 2026, the condition precedent to the Mergers relating to the expiration or termination of the waiting period under the HSR Act has been satisfied. On May 12, 2026, Marine Products Corporation's shareholders approved the transaction. The transaction is expected to close on or about May 15, 2026.
Wells Fargo is acting as exclusive financial advisor to MasterCraft and the team of King & Spalding LLP led by Keith Townsend, Rob Leclerc and Zack Davis is serving as legal counsel. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to MasterCraft. Truist Securities is serving as exclusive financial advisor to Marine Products, and Alston & Bird LLP is serving as legal advisor. Potter Anderson & Corroon LLP is serving as legal counsel to the Special Committee of the Marine Products board. Gagnier Communications LLC is serving as strategic communications advisor to Marine Products. McDermott Will & Schulte LLP is serving as legal advisor to LOR, Inc. Okapi Partners LLC acted as information agent and Equiniti Trust Company, LLC acted as transfer agent and registrar to MasterCraft. Alliance Advisors, LLC acted as information agent to Marine Products. MasterCraft has agreed to pay Okapi Partners LLC an estimated fee of $27,000. Meanwhile, Marine Products has agreed to pay Alliance Advisors, LLC an estimated fee of $10,000. In addition, MasterCraft has agreed to pay Wells Fargo an aggregate fee of $4.25 million, $2 million of which became payable upon the rendering of Wells Fargo’s opinion.
MasterCraft Boat Holdings, Inc. (NasdaqGM:MCFT) completed the acquisition of Marine Products Corporation (NYSE:MPX) from LOR, Inc. and others on May 15, 2026.
