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Transaction Better Positions MasterCraft to Execute Strategic Growth Initiatives with Enhanced Operational Focus
MasterCraft to Wind Down Merritt Island Production Facility Operations and Commence Marketing of Property for Sale
Aviara Segment to be Reported as Discontinued Operations Beginning First Quarter Fiscal Year 2025
MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) ("MasterCraft" or the "Company") today announced that it has entered into an asset exchange agreement under which it will transfer the rights to its Aviara brand of luxury dayboats and related assets to Cruisers Yachts, a subsidiary of MarineMax, Inc. ("MarineMax").
Under the terms of the agreement, MasterCraft will transfer ownership of the Aviara brand, including all commercial and operational assets relating to Aviara's product line, to Cruisers Yachts. As part of the asset exchange, MarineMax will pay for all boats currently on order, in addition to select branding and operational assets, including Aviara's website, tooling and inventory. MarineMax will also assume Aviara's customer care, warranty liability and administration. MasterCraft will discontinue operations of the Aviara segment, close its Merritt Island, Florida production facility and offer the property for open market sale. Other financial details of the agreement were not disclosed.
