MasterCraft

Last updated

MasterCraft Boat Company
Company typePublic
Nasdaq:  MCFT
Russell 2000 Index component
IndustryTowboat Industry, Marine Industry
Founded1968;56 years ago (1968)
Headquarters Vonore, Tennessee, U.S.
Key people
  • Fred Brightbill – CEO & Chairman of the Board
  • Tim Oxley – CFO
  • Dave Ekern – CPO
  • Mike Schmidt – CIO
  • Matt Long – CSO
  • Charlene Hampton – VP of HR
  • Jim Brown – VP of Operations
  • Greg Miller – VP of Global Sales
  • Krista Schipner – VP of Marketing
ProductsXSeries, XTSeries, NXT Series, XStar and ProStar
Number of employees
1195 (2019)
Website mastercraft.com

The MasterCraft Boat Company is an American manufacturer of luxury high-performance boats. The company was founded in 1968 in Maryville, Tennessee, and is currently headquartered in Vonore, Tennessee. [1] MasterCraft boats are used in waterskiing, wakeboarding and wake surfing. Although, the company has also produced several boats that are not focused on water sports, such as the NauticStar line of fishing boats. [2]

Contents

History

MasterCraft's founder Rob Shirley was a young waterskiing instructor who opened a waterskiing school in Florida 1965. In 1968, with the help of a few fellow waterskiers, he modified a Ski Nautique boat manufactured by Correct Craft. The boat was completed in August, and debuted at the U.S. Nationals in Canton, Ohio. In that same year Rob had to close the school and moved to his wife's parent's farm in Maryville, Tennessee. There he founded the MasterCraft Boat Company, which initially operated out of a two-horse barn. [3]

During its first year of operation, MasterCraft only built 12 boats using the modified hull design. The operating facility was moved to Vonore, Tennessee and now has approximately 600 employees. As of 2006, MasterCraft produced over 3,000 boats per year, sold in 25 different countries by over 100 domestic and international dealers.

Some of its most popular boats today are the ProStar, a direct drive ski boat, and the X Series Wakeboard boats. All MasterCraft models since 2012 use Ilmor Marine engines inboard marine engines built on the General Motors 5.3L GDI, 6.0L MPI, 6.2L GDI, and 7.4L MPI V8 engine blocks.

In 2007, the company was acquired by two private equity firms: Charlesbank Capital Partners and Transportation Resource Partners (affiliated with Roger Penske). In 2010, the company was recapitalized by Wayzata Investment Partners. [4]

In May 2015, MasterCraft filed for an IPO to raise $100M. [5]

On July 17, 2015, Nasdaq announced that trading of MCBC Holdings Inc., operator of MasterCraft Boat Company, commenced on The Nasdaq Stock Market trading as (Nasdaq:MCFT). [6]

Brands

MasterCraft Boat Company

Example of a MasterCraft in 2008 Water ski putrajaya 1.jpg
Example of a MasterCraft in 2008

MasterCraft Boat Company is the flagship subsidiary of MasterCraft holdings. MasterCraft focuses on building towboats for water skiing, wakeboarding, and wake surfing.

Crest

Crest builds pontoon boats which compete at the upper end of the market out of their Owosso, Michigan plant.

Aviara

Aviara specializes in building premium luxury day boats with a modern design. Aviara's manufacturing facility is in Merritt Island, Florida.

Series

ProStar Series

The ProStar series featured tournament ski boats, family ski boats, and price point ski boats over the years, Although most of the ProStar models used a direct drive propulsion system, there were a few V-Drive ProStar models produced. While the lineage of the ProStar series dates back to the original competition ski boats built by MasterCraft beginning in 1968, the first boat to bear the ProStar name was the ProStar 190 introduced for the 1987 model year. With the rising popularity of wake surfing, MasterCraft begun producing only their flagship competition ski boat under the ProStar name beginning in 2014.

X Series

The genesis of the X Series began in 1997 with the introduction of the X-Star. These boats are MasterCraft’s top of the line boats with a focus on wakeboarding and wake surfing.

The current model line up is: X22, X24, and X26.

XT Series

Introduced in 2017. This model line is the “crossover” focused designs. They can create wakeboard and surf wakes, while also being able to produce an “open water” slalom ski wake.

The current XT Series consists of five models: XT20, XT22, XT22T, XT23, and XT24. The XT22T and XT23 are traditional bow boats, whereas the rest of the XT line are pickle fork designs.

NXT Series

The NXT Series was introduced in 2015 with the NXT 20 to bring more affordable offerings to the market without sacrificing build quality and construction. In 2016 MasterCraft launched the NXT 22 to add to its line of entry level towboats. For 2020, MasterCraft redesigned both the NXT 20 and 22 using design cues from the X Series and XT Series. The second generation NXTs has a redesigned dash, factory profiles, and better ergonomics in the interior.

MasterCraft expanded the NXT series once again in 2021 with the introduction of the NXT 24.

The current NXT series consists of five models: NXT20, NXT21 NXT22, NXT23 and NXT24

CSX Series

The CSX (Cross Sport Xtreme) Series was designed to offer versatile boats suited for a variety of activities. These boats utilized a direct drive propulsion system with a center mounted engine and offered features designed for skiing, wakeboarding, fishing, diving, and other on water activities.

The CSX Series was discontinued after the 2011 model year.

MariStar Series

The MariStar Series was created in 1989 to compete in the luxury runabout segment.

TriStar Series

The TriStar Series was born with the introduction of the TriStar 220 for the 1986 model year. This was MasterCraft's first boat designed purely for recreational use.

Notable Innovations

Swim Platform

1976 - MasterCraft introduced the first swim platform on a ski boat.

PowerSlot

1980 - MasterCraft introduced the optional PowerSlot 1.5:1 gear reduction transmission for increased acceleration.

Stringers

1983 introduced composite stringers

WearGuard Pylon

1989 - MasterCraft introduced their patented WearGuard pylon which featured a plastic insert at the tow point in order to reduce rope wear.

EFI

1992 - MasterCraft brought the first fuel injected ski boat to the market with the Corvette LT1 engine marinized by Indmar.

Taglines

In Pursuit of Perfection (1987)

Inboards Beyond Imagination (1988)

Nothing Else Even Comes Close (1989-1993)

The Leader. And Pulling Farther Ahead. (1993-2003)

Held to a Higher Standard (2004-2010)

CEOs/Presidents

Rob Shirley (1968-1987)

Chuck West (1987-1995)

John Dorton (1999-2012)

Terry McNew (2012-2019)

Fred Brightbill (2019-2024)

Brad Nelson (2024-present)

Team MasterCraft

Ski

Wake

Surf

[7]

Related Research Articles

<span class="mw-page-title-main">Wakeboarding</span> Surface water sport

Wakeboarding is a water sport in which the rider, standing on a wakeboard, is towed behind a motorboat across its wake and especially up off the crest in order to perform aerial maneuvers. A hallmark of wakeboarding is the attempted performance of midair tricks. Wakeboarding was developed from a combination of water skiing, snowboarding and surfing techniques.

<span class="mw-page-title-main">Water skiing</span> Surface water sport

Water skiing is a surface water sport in which an individual is pulled behind a boat or a cable ski installation over a body of water, skimming the surface on two skis or one ski. The sport requires sufficient area on a stretch of water, one or two skis, a tow boat with tow rope, two or three people, and a personal flotation device. In addition, the skier must have adequate upper and lower body strength, muscular endurance, and good balance.

<span class="mw-page-title-main">Sea-Doo</span> Canadian boats and personal watercrafts

Sea-Doo is a Canadian brand of personal watercraft (PWC) and boats manufactured by Bombardier Recreational Products (BRP). All Sea-Doo models are driven by an impeller-driven waterjet. All Sea-Doo PWC models are produced at BRP's plants in Querétaro and Juárez, Mexico. Its Rotax engines are produced at BRP's plant in Gunskirchen, Austria. In 2016, Sea-Doo had a 45.8% share of the PWC market.

<span class="mw-page-title-main">Personal watercraft</span> Recreational watercraft that uses an inboard engine powering a pump-jet with an impeller

A personal watercraft (PWC), also called jet ski, sea-doo, or water scooter, is a primarily recreational watercraft that is designed to hold only a small number of occupants, who sit or stand on top of the craft, not within the craft as in a boat.

<span class="mw-page-title-main">Jet Ski</span> Brand of personal water craft

Jet Ski is the brand name of a personal watercraft (PWC) manufactured by Kawasaki, a Japanese company. The term is often used generically to refer to any type of personal watercraft used mainly for recreation, and it is also used as a verb to describe the use of any type of PWC.

<span class="mw-page-title-main">Kneeboarding (towsport)</span> Water sport

Kneeboarding is an aquatic sport where the participant is towed on a buoyant, convex, and hydrodynamically shaped board at a planing speed, most often behind a motorboat. Kneeboarding on a surf style board with fin(s) is also done in waves at the beach. In the usual configuration of a tow-sport kneeboard, riders kneel on their heels on the board, and secure themselves to the deck with an adjustable Velcro strap over their thighs. Most water ski kneeboards do not have fins to allow for easier surface spins. As in wakeboarding or water skiing, the rider hangs onto a tow-rope. The advantages of kneeboarding versus other tow-sports seems to be an easier learning curve and a sense of being closer to the water when falls occur.

<span class="mw-page-title-main">Bombardier Recreational Products</span> Canadian manufacturer of recreational vehicles

BRP Inc. is a Canadian manufacturer of snowmobiles, all-terrain vehicles, side by sides, motorcycles, and personal watercraft. It was founded in 2003, when the Recreational Products Division of Bombardier Inc. was spun off and sold to a group of investors consisting of Bain Capital, the Bombardier-Beaudoin family and the Caisse de dépôt et placement du Québec. Bombardier Inc., was founded in 1942 as L'Auto-Neige Bombardier Limitée by Joseph-Armand Bombardier at Valcourt in the Eastern Townships, Quebec.

<span class="mw-page-title-main">Boating</span> Leisure activity involving boats

Boating is the leisurely activity of travelling by boat, or the recreational use of a boat whether powerboats, sailboats, or man-powered vessels, focused on the travel itself, as well as sports activities, such as fishing or waterskiing. It is a popular activity, and there are millions of boaters worldwide.

<span class="mw-page-title-main">Darin Shapiro</span>

Darin Fane Shapiro, nicknamed "The Scud" is an American professional wakeboarder from Orlando, Florida and the most successful rider in the history of the sport. Shapiro is well known for landing the first ever Double-flip on a wakeboard, which he named the "Speedball" as well as many other tricks which laid the foundation for what wakeboarding is today. After a 10-year retirement from wakeboarding, Shapiro returned to competition at age 40, at the 2014 Wake Games contest at Orlando Watersports Complex in Orlando, Florida.

<span class="mw-page-title-main">Wakesurfing</span> Water sport

Wakesurfing is a water sport in which a rider trails behind a boat, riding the boat's wake without being directly pulled by the boat. After getting up on the wake, typically by use of a tow rope, the wakesurfers will drop the rope, and ride the steep face below the wave's peak in a fashion reminiscent of surfing. Wakesurfers generally use special boards, designed specifically for wakes.

<span class="mw-page-title-main">Sit-down hydrofoil</span>

The sit-down hydrofoil, first developed in the late 1980s, is a variation on water skiing, a popular water sport. When towed at speed, by a powerful boat or some other device, the board of the hydrofoil 'flies' above the water surface and generally avoids contact with it, so the ride is largely unaffected by the wake or chop of the water and is relatively smooth. The air board is a modified hydrofoil where the skier stands up.

<span class="mw-page-title-main">Wakeboard boat</span>

Wakeboard boats also known as wakeboats, surfboats or tow boats are designed to create a large, specially shaped wake, for a wakeboarder to jump the wakes from side to side doing aerial tricks. They developed from the Runabout type.

Correct Craft is a United States-based builder of powerboats primarily for waterskiing, wakeboard, and wakesurf use. It was founded in 1925 by Walt C. Meloon as the Florida Variety Boat Company. Correct Craft is the oldest family-owned and operated boat manufacturer in the world. Currently celebrating 98 years of excellence in the marine industry, Correct Craft is focused on “Making Life Better.” The Correct Craft family includes Nautique, Centurion, Supreme, Bass Cat, Yar-Craft, SeaArk, Parker, and Ingenity boat companies, Pleasurecraft Engine Group, Indmar Marine Engines, Velvet Drive Transmissions, Mach Connections, Merritt Precision, Osmosis, Watershed Innovation, and Aktion Parks.

Nautique Boat Company is an American boat manufacturer that produces boats primarily for waterskiing, wakeboarding and wakesurfing. With models in the Super Air Nautique and Ski Nautique lines, they are widely considered the gold standard in the inboard towboat market. Owned by parent company, Correct Craft, Nautique is a member of the oldest family-owned and operated boat manufacturer in the world.

Parks Bonifay is an American professional wakeboarder.

Liquid Force is a manufacturer of wakeboarding, wakesurfing, wake foiling, and other wake related products based in the United States. Liquid Force is one of the leading manufacturers in the wakeboard related products and focused on relentless innovation as its mantra. Besides manufacturing, the Liquid Force sponsors numerous events and athletes to grow and promote the sport. Liquid Force was founded in 1995 by Tony Finn and Jimmy Redmon, both pioneers in the sport of wakeboarding. Its headquarters are located in Carlsbad, California.

Centurion Boats, owned by Fineline Industries, is a manufacturer specializing in the production of water sports boats, primarily tow boats for wakesurfing and wakeboarding. It was founded by current owner Rick Lee. Its headquarters and manufacturing operations are in Merced, California.

Danny Harf is an American professional wakeboarder and sports video producer.

<span class="mw-page-title-main">Malibu Boats</span>

Malibu Boats is an American manufacturer of recreational boats, founded in Merced, California in 1982, and currently headquartered in Loudon, Tennessee with additional production facilities in New South Wales, Australia. Malibu is "the world's largest manufacturer of watersports towboats", used both recreationally and in water skiing and wakeboarding events.

Pavati is a boat manufacturer headquartered in White City, Oregon. They specialize in building all aluminum drift boats, power boats, jetboats, and as of 2013, Pavati wake boats. The company was founded in 2003 and created fishing boats designed for salmon.

References

  1. "History". MasterCraft.
  2. "News Detail Mastercraft-acquires-nauticstar". MasterCraft.
  3. "MasterCraft Boat Company, Inc.". Encyclopedia.com website, accessed on May 15, 2019.
  4. "MasterCraft plan avoids bankruptcy filing". TradeOnlyToday.
  5. "On a boat: MasterCraft files for a $100 million IPO". NASDAQ.com. May 1, 2015.
  6. "Today's Stock Market News and Analysis - Nasdaq.com". NASDAQ.com.
  7. "Our Athletes | MasterCraft".