Paramount Group company Nautic Africa has announced the acquisition of Durban-based boat builder Austral Marine as part of its growth strategy.
Nautic said the acquisition will expand its competence in composite manufacturing. According to James Fisher, CEO of the Nautic Group, the aim is to enhance existing Austral business as well as to diversify its product and sector offerings.
“Nautic has deep respect for Austral Marine, who has nurtured the best and oldest South African leisure boat building brands such as Angler boats, Panache and Odyssey. We will continue to, not only support the dealer network in South Africa, but also grow the market internationally,” he said in a statement.
Currently producing six boats a week, Fisher estimates that Austral’s capacity could easily be doubled within existing overhead infrastructures and adds that Nautic’s broad base of contacts could help expose the vessels to new export markets.
Access to Nautic’s resources will provide Austral with greater buying power as well as financial and personnel management, providing the impetus for stability and future growth, Nautic said.
Austral Marine was founded in 1986 by brothers Donald and Tony Jarratt. “We have concentrated on building a skilled team of people who are diversified enough in their talents to tackle most challenges,” said Austral founder, Donald Jarrat.
Nautic hopes to increase revenue by 50 percent by maintaining the current management structure while focusing on growing the market into Africa.
“Austral’s strong dealer network and their impressive, predominantly in-house, manufacturing process is an integral part of their long time success and the reasons why we were interested in pursuing this acquisition,” said Fisher.