Panga Marine is up for sale
Panga Marine in the US is shutting down operations and is being offered for sale as a “turn-key boat manufacturer”, according to owner Rob McDaniel and the listing agent.
The company, founded in Sarasota, Florida, in 2001, was one of the first boatbuilders to bring panga-style boats to the US, but fell victim to its own success, according to McDaniel.
“We enjoyed a little bit of a niche market with no competition, and that’s run its course,” McDaniel told IBI, adding that while the company remains profitable, “our sales are way down.”
Earlier this autumn, McDaniel began winding down operations and laying off staff during negotiations with a prospective buyer, which fell through. As the company goes into the holiday shutdown, McDaniel said he’s not sure what will happen after the first of the year.
“I’m old and decrepit,” McDaniel said with a chuckle. “We have to make some major investment in marketing, and at this point, I just don’t feel like doing that.”
Panga Marine makes boats in the 18ft-31ft range. The panga-style boat is an open, outboard-powered, fishing boat common throughout Central America, the Caribbean, parts of Africa, the Middle East, and much of Asia and are commonly operated directly off of beaches.
The business listing, by Dave Williams of Corporate Investment Business Brokers, states Panga Marine saw gross revenue of US$1.8m in fiscal 2017.