Correct Craft Acquires Fishing Boat Builder

Parker and Yeargin
Parker Boats President Linwood Parker (left) and Correct Craft President and CEO Bill Yeargin shake hands on the acquisition.

Correct Craft announced it has acquired North Carolina offshore and inshore fishing boat manufacturer Parker Boats. Terms of the deal were not disclosed.

Parker Boats, based in Beaufort, North Carolina, builds center consoles, sport cabins, walk-arounds and dual console boats.

Correct Craft President and CEO Bill Yeargin called the acquisition a “marriage” of freshwater and saltwater boat worlds that will be mutually beneficial to both companies. The Orlando-based Correct Craft enters a new segment of the marine industry with a new product line, while Parker Boats can expand its production capacity.

“Parker Boats will enter Correct Craft into a new segment of the marine industry with a compelling product line and brand,” Yeargin said in a press release. “More importantly, Correct Craft and Parker’s values are aligned which will help us continue to execute our mission of Making Life Better!”

Parker Boats was founded more than 55 years ago and company president Lindwood Parker said the acquisition will help bring new product and engineering technologies to the Parker plant.

“Parker has built a grand reputation for strength, simplicity and seaworthiness,” Parker said in a release. “I am looking forward to growing and expanding Parker’s production capacity and leveraging Correct Craft’s operational excellence initiatives which will allow Parker to meet our current dealers’ needs and aggressively bring new product to market.”

Parker Boats builds boats from 18 to 25 feet including eight center-console models.

Correct Craft has been on an acquisition spree in April by acquiring Velvet Drive Transmissions, which manufacturers marine drive transmissions and will now be under the Pleasurecraft Marine Engine Group. Correct Craft owns Nautique, Centurion, Supreme, Bass Cat, Yar-Craft, SeaArk, Parker, and Bryant boat companies. The privately held company also owns two water parks. Correct Craft said it has no plans to move Parker Boats or change the current management team.