In a company statement, Chuck Rowe, former president of Indmar Marine stated: “The acquisition by Correct Craft provides significant opportunities for long-term growth while continuing to build and honor my family’s legacy; However, most importantly, the acquisition with Correct Craft provides additional security and opportunity for our employees, boat building partners, and network of dealers.”
Correct Craft is the world’s oldest family owned and operated boat manufacturer in the world. Indmar, for its part, is the world’s largest privately held manufacturer of gasoline powered inboard marine engines.
Correct Craft CEO Bill Yeargin noted the value of Indmar’s history as well, stating: “I am tremendously happy to have Indmar join us as a part of the Correct Craft family. Chuck and his father have built a phenomenal company that resulted in both men’s induction into the Marine Industry Hall of Fame. I appreciate the trust they have placed in our team, and we will do our best to meet and exceed their expectations.”
Once the deal is finalized, Indmar will be operated by Correct Craft subsidiary Liberty Technologies, which also manages PCM Engines, Crusader Engines, Levitator Engines, and Velvet Drive Transmissions. However, Indmar will continue to maintain significant independence and will retain its own brand and team members. Indmar will remain operating from its world headquarters in Millington, TN, and will continue to supply its boat-building manufacturers and network of dealers.
A significant detail of the purchase is Indmar’s access to Ford Motor Co., with whom they have a longstanding relationship. Indmar marine engines integrate Ford’s EcoBoost technology into their products and have done extensive work with Roush Performance, the high performance and racing category of Ford Motor Co, with respect to supercharger technology.