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Mergers, Acquisitions & Exits

Correct Craft acquires Velvet Drive

By Tony Esposito2019-04-01T14:13:00+01:00

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Velvet will be vertically integrated into Correct Craft’s Pleasurecraft Engine Group

Correct Craft CSO and Watershed Innovation president Sean Marrero; John Bolton, Velvet Drive VP of Operations; Correct Craft Executive VP and Chief of Staff Angela Pilkington; Mark McKinney, Pleasurecraft Engine Group president

Correct Craft has announced the acquisition of Velvet Drive Transmissions, a vendor to the boat and engine builder for the past 40 years. Velvet drive will be “vertically integrated into Correct Craft’s Pleasurecraft Engine Group,” according to a company news release.

“Adding Velvet Drive to our growing family is exciting and will provide our Pleasurecraft Engine Group team with resources to grow in many different ways,” Correct Craft CEO Bill Yeargin said in the release.

Velvet Drive manufactures marine transmissions and offers a variety of custom gearing for specialised industrial equipment. The transmission builder will remain at its location in Liberty, South Carolina, and no management changes are planned.

Pleasurecraft Engine Group president Mark McKinney stated: “Velvet Drive has a 65-year reputation of making the highest quality marine transmissions and industrial equipment in the world and we are excited to build on that foundation and take their products to new heights.”

Pleasurecraft Engine Group, owned by Correct Craft, manufactures five brands – PCM, Crusader, Challenger, Levitator, and now Velvet Drive, and is based in Little Mountain, South Carolina.

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