Maritimo buys ailing Mustang Marine brand

Queensland-based Maritimo has bought the assets of Mustang Marine, manufacturers of the Mustang range of powerboats and cruisers.

Announcing the purchase, Maritimo CEO Bill Barry-Cotter said the troubled boatbuilder had been bought in a joint venture between himself and prominent Gold Coast businessman and colleague, Steve Searle.

Barry-Cotter said that, while Searle would be entitled to some of Mustang Marine's plant and equipment, he would not be involved in the day-to-day running of the business.

In a statement released at the time of the announcement, Maritimo said they had purchased Mustang Marine's intellectual property and moulds and were intending to maintain Mustang as a separate brand. However, Maritimo's management team is believed to be conducting an in-depth study of the newly bought business before any firm decision is made.

Nevertheless, Maritimo say they are intending to have a display of Mustang boats at the Sanctuary Cove International Boat Show, which opens next Thursday, May 20, on the Gold Coast.

Mustang's purchase by a company as well established as Maritimo and by Barry-Cotter, sometimes referred to as the most powerful man in the Australian marine industry, will almost certainly come as a huge relief to current Mustang owners and the company's suppliers.

The company has had a troubled 35-year history and went into receivership at the beginning of the recession. Although it appeared to have been rescued by the Standard Bank of Asia in early 2008, it turned out to be a temporary reprieve. The bank withdrew its funding in March, leaving Mustang little option but to return to "voluntary administration".

Early reports say the brand will continue to be sold through some existing Mustang dealers as well as through Maritimo's dealer network.