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Yacht maker expanding pulaski facility.

Cruisers Yachts, manufacturer of luxury yachts, has partnered with Alliance Construction on a 56,000-square-foot expansion to its Pulaski facility with a completion date of January 2024.

“One of our core values is to look to the long term, and this expansion project is a testament to that belief,” said Mark Pedersen, Cruisers president. “We have been looking to expand since we acquired the Pulaski facility in 2021. That plant is designed to build larger yachts, and this expansion provides us with a facility that aligns with our new product development plans for the next five years.”

Cruisers Yachts has embarked on this ambitious expansion project with a clear goal: to broaden its horizons and further elevate its yacht manufacturing process. The expansion comprises several key areas, each designed to enhance production and accommodate larger vessels:

• Assembly: A brand-new production line spanning 10,893 square feet will feature increased ceiling heights, enabling the assembly of larger yachts.

• Upholstery: With an expanded footprint of 4,300 square feet, this section will facilitate increased production capabilities, ensuring every yacht bears the hallmark of luxury.

• Metal/maintenance: Boasting a generous 15,120 square feet, this area will see increased capacity, providing the company with the ability to expand production and maintain the highest standards.

• Warehouse: Spanning a substantial 25,749 square feet, the warehouse will see the addition of new loading docks and expanded storage capacity, streamlining operations and ensuring efficient inventory management.

• Chemical storage building: A dedicated 1,200-square-foot chemical storage building will be incorporated for the safekeeping of essential materials.

• Expanded outdoor cold storage: This expansion will allow Cruisers Yachts to securely store materials and parts outdoors, further optimizing the production process.

“Watching the progress since breaking ground this past January has been tremendous, and we are expecting to be moving in this coming February,” Pedersen said. “We are very appreciative of the support from the Pulaski community and are excited to fill up this new space with additional job opportunities. It is another big step forward for the continued growth of Cruisers Yachts and the community.”

The expansion will introduce two new production lines with the capability to accommodate yachts of up to 75 feet in any style. The Pulaski plant will now boast four production lines, empowering the company to build up to five distinct models.

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With its acquisition by MarineMax, Cruisers president says future is bright for Oconto boat builder

OCONTO – The acquisition of Cruisers Yachts by the world’s largest boat retailer has poised the company for significant growth and helped secured its future in Oconto, says long-time president Mark Pedersen.

In a presentation before the Oconto City Council on April 19, Pedersen said the sale to MarineMax about one year ago was “a very unique situation for this community,” and wanted council members to feel comfortable with what’s been accomplished by what he termed “a great marriage.”

“Never has a manufacturer married up with a supply chain,” he said. “This is something different, something new, and I think the industry is looking at it as a major plus for MarineMax and for us.”

Clearwater, Florida-based MarineMax purchased Cruisers’ parent company, KCS International, from Oconto native K.C. Stock. In the 28 years he owned the company, Cruiser’s became one of the worlds top manufacturers of premium yachts.

“K.C. purchased it for the employees and the community … he grew up here, his father was here, so my direction (in his) last two years was to find a successor that could be a custodian of the company, a fiduciary, to make sure it stays here,” Pedersen said.

Just before it bought KCS International, MarineMax also purchased much of the Marquis Yachts’ facilities in Pulaski, which was in the process of shutting down at the time. It now has 150 employees in Pulaski, and 350 in Oconto.

When looking for a buyer, Pedersen said, the company looked at venture capital groups and other manufacturers, but the former only buy businesses to flip them, while the latter could pull back from Oconto during a recession, he said.

MarineMax has more than 100 locations in 21 states, the British Virgin Islands, and in other countries, and carries 25 premium brands of yachts and superyachts.

“They bought us, because if there’s ever another downturn, what product are they going to push? They’re going to push the product that they own,” he said.

The demand for Cruisers yachts is high, Pedersen said, noting the company is building 25 to 30 of its 34 GLS boats annually, but MarineMax wants them to build 120.

Customers are buying boats that won’t be delivered for a year, he added.

“That brings a lot of security to this community and to Pulaski,” he said. “This is 100 percent where we’re trying to grow the business... this is where the engineers were hired, this is the base,” he said. “We are expanding to the two facilities only because we’re not going to be able to build enough out of this facility.”

MarineMax has strong financial position and over the last five years has become a $2 billion company, Pedersen noted, adding its management team has been in place for 20 to 46 years.  

“They bought this place for the long term, not a short-term situation,” he said. “When they bought this, it was because of our workers, and the pride they took in the product, and the management team here. And they looked at our numbers, and according to them, we’re probably one of the most successful with our labor and what we build these boats for in the world.”

Cruisers, he said, is the only builder of its category of boats left in the U.S., meaning all its competitors are foreign, including yachts made in France, Poland, Italy, and even China.

“With the world economy going the way it is, I asked them if they we’re nervous about those countries,” Pedersen said. “(They replied) ‘Why do you think we bought you guys?’ Its unlimited what they want us to do for them.”

MarineMax currently has 19% of the yacht market, and with its locations and service, they’re looking to capture more.

“If they grab it, we get the volume,” he said.

MarineMax also bumped up the prices of Cruisers product to be better related to the quality of the product it builds, he added.

“They’re going to make sure that … we’re getting recognized for the value we are,” Pedersen said. “In the past, our dealers would beat us up for price breaks and everything else, because they would say we’re not as good as this.”

Customers have even put small events on for the employees working on their boat, which can cost as much as $3 million.

“The passion and pride of the people that build Cruisers Yachts is second to none,” he said. “This town and our workers can feel good (that) they’re the reason that MarineMax bought us.”

While the company has doubled its engineering staff, it’s a lack of production employees that’s limiting growth.

“If I could snap my fingers today, we could triple the volume that we do, based on MarineMax buying us,” Pedersen said. “The money is there to be able to invest in (buildings and equipment) that will allow is to grow ... and compete worldwide.”

More: Many Oconto-area employers are struggling amidst a statewide labor shortage, but some have found ways to meet their needs

Cruisers currently has 450,000 square feet of space in Oconto and another 200,000 square feet in Pulaski.

The company plans to introduce a 50-foot GLS and a 63-foot Cantius, which would be three feet longer that the current offering in that series.

“The opportunity for this community is to grow this thing back up …. today we’re at 350, we could easily grow it up to 700 employees, if I could find them today,” Pedersen said.

He noted the company recently had its fourth-generation boat builder start work in Oconto, is also “investing a ton of money back into training” new employees.

“There’s not a lot of craftspeople out there, but we’re training them,” he said.  

Oconto's location between Green Bay and Marinette/Menominee might not make commuting feasible, but Pedersen said that more people could be drawn to move there by marketing it as a great place to raise a family and touting Great Lakes water access, year-round recreation, a good school system, strong growing manufacturing base, and secure job growth.

“(There) may be families that want to get out of there and move to a quieter area,” he said. “We are getting people (who are) saying we treat them more like a family.”

Pederson — who’s been with the company for 30 years, the last 15 as president — said that he believes Stock himself would agree the company is in better shape today because of MarineMax's distribution network.

“It’s my responsibility, when I retire someday, to say this place survives another 70 years.. that’s my job,” he said. “We’ve hit a home run plus on Marine Max buying us.”

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News & Insights

MarineMax Buys Cruisers Yachts - Quick Facts

May 03, 2021 — 08:52 am EDT

Written by RTTNews.com for RTTNews  ->

(RTTNews) - MarineMax, Inc. (HZO) announced the acquisition of KCS International, Inc., known as Cruisers Yachts, headquartered in Oconto, Wisconsin. MarineMax paid $63 million for Cruisers, including the recently acquired Pulaski, WI facility. The company expects the acquisition to be accretive in its first full twelve-month period.

Brett McGill, CEO of MarineMax, said: "The strategic acquisition of Cruisers Yachts benefits our customers by filling a meaningful void in our product portfolio which was created in 2018 by the loss of Sea Ray sport yacht and yacht models. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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