Brunswick Corp has acquired the assets of Payne’s Marine Group of Victoria, British Columbia. Terms were not disclosed.
Payne’s is a wholesale distributor of marine parts and accessories in Canada. It has distribution facilities in British Columbia and Ontario. A statement noted that the company had sales of about US$17m in 2015. It will become part of Brunswick’s global P&A distribution business which is operated by Mercury Marine.
Payne’s will augment Mercury’s Land ‘N’ Sea Canadian distribution facilities, particularly in Western Canada where Mercury Marine has made other recent investments, including a new distribution centre in Langley, British Columbia.
"The two companies together will extend both the reach and value of our global P&A distribution network," said Mercury Marine president John Pfeifer in a statement. "Further, we believe leveraging the unique expertise of each operation will lead not only to cost and revenue synergies, but also will further accelerate our growth in the important Canadian marine market."
Brunswick chairman Mark Schwabero said that the Payne’s acquisition is part of its previously announced strategy to augment growth through acquisitions in both its marine and fitness segments.
"This action continues the execution of that strategy, and marks the latest acquisition that we have made recently to expand our P&A distribution network's global reach into both segments and geographic areas that offer opportunity, following the acquisition of Bell Recreational Products Group in the Midwest, and BLA in Australia in 2014 and 2015, respectively,” said Schwabero in the statement.
The Payne's Marine acquisition will have minimal impact on Brunswick's 2016 results.