Charleston, S.C.-based Bentley Marine Group is headed by industry executive Larry Brehm.
The purchase price was not disclosed.
Steve Deese, CEO of Bentley Industries, will continue on with the company as a director on the board. He is selling the company because he wants to retire, his daughter Samantha Deese, who works in customer relations for the company, said in a telephone interview.
"This was a wild ride in this very fine industry and I will truly miss it," Steve Deese said in a statement.
About 300 people work in the company and no layoffs are planned, Samantha Deese said.
"(Brehm's) going to keep it flowing just like it is today," she said.
There was no listing in Charleston, S.C. for Bentley Marine Group, and Brehm could not be reached for comment today.
Bentley Industries was founded in 2002 and has become the fourth largest pontoon manufacturer, with more than 200 dealers in the United States, the company said.
The company has operations in Columbia, S.C. and Mexico, Mo.