After six months looking for a buyer, Hatteras and Cabo Yachts appear to be nearing a sales agreement.
Brunswick Corp. plans to sell the Hatteras and Cabo brands to Navis HCY Acquisition LLC, according to a letter sent from Hatteras and Cabo vice president and CFO Robert Nenni to city officials in New Bern, N.C.
“I am pleased to inform you that within the next few weeks we intend to enter into an Asset Purchase Agreement whereby we will sell Hatteras and Cabo Yacht businesses to Navis HCY Acquisition, an affiliate of Versa Capital Management, LLC ... which is a Philadelphia-based private equity firm,” Nenni said in the letter obtained by Soundings.
The letter was sent as part of a request that city officials reassign electric power to the new owners, effective upon the transaction’s closing. The board of aldermen voted unanimously Tuesday to approve the request, New Bern city clerk Veronica Mattocks told Soundings.
Brunswick and Hatteras officials did not immediately return calls seeking comment. Hatteras president and CEO John Ward confirmed to the (North Carolina) Sun Journal that the companies were reaching a deal with Navis, but told the paper: “The deal is not finalized. We are still in the process of negotiating a deal.”