OWOSSO TOWNSHIP - An area watercraft manufacturer soon could be back to business after being acquired by a group of Michigan investors.
Crest Marine, a newly-formed corporation, has acquired Owosso Township-based Maurell Products, according to a press release sent to The Argus-Press by the Shiawassee Economic Development Partnership.
Maurell Products has produced pontoon boats, including the Crest and Sunset Bay product lines, since 1957.
The deal will have Crest Marine take over the Maurell Products manufacturing facility, equipment, related brands and intellectual property.
SEDP President/ CEO Justin Horvath said he believed the Owosso Township facility has not been in production, but he hopes this deal can change that.
"This reinvestment of business could get it going again," Horvath said.
Currently, Crest Marine operates more than 100,000 square feet of manufacturing space and employs nearly 50 people.
"One of the drivers in this acquisition was the Crest legacy that founder Maurice Schell and his family created over the years. Crest pontoons are known for high levels of structural integrity, quality and years of market leading innovation," Crest Marine president Joe Curran said in a statement sent to The Argus-Press. "We intend to leverage that heritage and customer base into a new leadership position in the marketplace. Enhancing the efforts and successes that the loyal dealer network has established is going to be a rewarding proposition for Crest Marine."
Horvath said he thought the acquisition could also be beneficial to the community.
"We are thankful for Crest Marine's decision to acquire Maurell Product's assets which is putting people back to work and revitalizing a manufacturing facility," Horvath said. "We have great confidence in the direction of Crest Marine, and will continue to work collaboratively with them to provide community support for future growth."
Crest Marine officials said that the new corporation has already begun to receive orders from former customers supporting the corporation's intentions for a rebirth of the brand.