CMP Group, a portfolio company of Canadian mid-market private equity firm Ironbridge Equity Partners, has acquired Minnesota-based MarineTech Products, a maker of marine product brands. No financial terms were disclosed. Based in Vancouver, British Columbia, CMP is a creator of products and services for the marine industry.
(Delta, BC. March 9th, 2020) CMP Group Ltd (“CMP”), an Ironbridge portfolio company, is pleased to announce it has acquired MarineTech Products, Inc. based in Vadnais Heights, MN (“MarineTech”).
Founded in 2000, MarineTech started with a single proven product line, NAVIGATOR Engine-mounted Electric Trolling Motors. Through hard work, strategic planning and solid industry partnerships, MarineTech has grown to five, well-established marine product brands including Panther™, TROLLMaster™, EZ-Steer®, Navigator® and Angler’s Pal, offering boaters hundreds of quality, innovative products.
CMP Group, headquartered in Vancouver, BC, creates products and services for the marine industry that allow people to enjoy time on and around the water. The Company has manufacturing operations in Vancouver and Toronto, Canada; Genoa, Italy; Norfolk, USA; and Ningbo, China, and has a product range that extends from marine corrosion dock products, and anchoring solutions to steering and controls. CMP’s respected brands include: Martyr™ sacrificial anodes, Dock Edge +® dock & boating solutions, Rocna® & Vulcan® anchors, Titan® Marine Products, Octopus® Autopilot Drive Systems, Intellisteer® Remote Steering Systems and Seaguard® corrosion protection systems.
The acquisition of MarineTech continues CMP’s strategy to grow its US presence and strengthens its position in the recreational marine industry. “We are very excited about the strategic fit between MarineTech and CMP and believe that there are many advantages and opportunities for our customers, supply partners and our team,” stated Don Hambly, President & CEO, CMP Group. “MarineTech’s customer base and product offering are a perfect complement to CMP’s growing marine business.”
Larry Grundtner, founder and owner of MarineTech, will remain with the combined entity to help ensure a smooth transition and continued success. He commented, “This is a tremendous opportunity for MarineTech and our customers. By joining forces with CMP, we will leverage the expertise and resources of CMP to take MarineTech to the next level.”
The Ironbridge team of eleven investment professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. Ironbridge has extensive financial and operating experience and works closely with the management of its portfolio companies to enhance value.