Malibu Boats looks to expand international footprint

0814_KCLO_Malibu04_SYLoudon-based performance sport boat manufacturer Malibu Boats Inc. said today it plans to buy the equity interests of the Malibu Boats licensee in Australia.
Terms of the proposed deal were not disclosed.
The Australian business is operated by Malibu Boats Pty Ltd. and includes distribution rights in Australia and New Zealand.
“The planned acquisition of our Australian licensed business represents an important next step in our international growth strategy,” Malibu CEO Jack Springer said in a news release. “Australia is an important region to the boating industry not only because of the size of the market but its proximity to Southeast Asia and its ability to serve that region of the world. Acquiring our Australian licensed business will give us ownership of our brand world-wide and a platform in which to continue growing our business in Australia and New Zealand and developing a bigger presence in Asia.”
The proposed acquisition is expected to close the first half of 2015.
“The global unification of Malibu Boats that will result from the proposed acquisition of the Australian business makes perfect sense for the brand moving forward,” Xavier West, director of Malibu Boats Pty., said in a statement.
The letter of intent is not binding and the proposed purchase is subject to due diligence by Malibu Boats Inc., the release said.
Malibu Boats Inc. designs, makes and manufacturers Malibu and Axis Wake Research brand boats.
Shares of Malbibu Boats Inc. were up 52 cents to $19.54 in late morning trading.