MasterCraft Boat Holdings Inc. (NASDAQ: MCFT) and Marine Products Corporation (NYSE: MPX) announced that they have entered into a definitive agreement for MasterCraft to acquire Marine Products in a cash and stock transaction valued at approximately $232.2 million, net of acquired cash.

“The combination of MasterCraft and Marine Products brings together two iconic, market leading American recreational marine companies. The combined company will benefit from a more diversified portfolio of leading brands—MasterCraft, Crest, Balise, Chaparral and Robalo—in attractive categories supported by advanced product development and manufacturing platforms as well as an expanded dealer network,” said MasterCraft in a press release announcing the acquisition.

Ownership for the combined company will be broken down 66.5 percent for the MasterCraft shareholders and 33.5 percent for the Marine Products shareholders. 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.

“Today marks an exciting and transformational step for MasterCraft and Marine Products as we continue shaping the future of the marine industry together,” said Brad Nelson, chief executive officer of MasterCraft. “Together, we will be well positioned to capitalize on growth opportunities, particularly as demand for our products recovers. We look forward to bringing Chaparral and Robalo on board as we embark on this new chapter, build on our shared legacies of excellence and generate value for shareholders of the combined company.”

Company structure

Nelson will serve as chief executive officer of the combined company. 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, Tenn., and will maintain the Chaparral and Robalo operating facilities in Nashville, Ga.

“This transaction marks an exciting new chapter for Chaparral and Robalo and is a testament to the hard work and dedication of our employees. We believe that MasterCraft will be a great steward of the combined business and an enthusiastic partner to our exceptional dealers and suppliers,” said Ben Palmer, chief executive officer of Marine Products. “In addition, the combination is structured to enable shareholders to continue to participate in the strength and upside potential of the combined company and benefit from a stronger institutional following.”

The transaction is expected to close in the second calendar quarter of 2026, subject to approval by shareholders of both companies and other customary closing conditions.