Pontoon manufacturer Premier Marine has announced the acquisition of Weeres Industries and Palm Beach Marinecraft. Co-owners of Premier, Bob Menne and Gene Hallberg signed a letter of intent to purchase both companies on July first.
"The purchase of Weeres and Palm Beach will allow Premier to offer a broader selection of boats to dealers and further increase our share in the pontoon market," says Premier president Bob Menne. "We're excited to announce this new acquisition." Closing on the acquisition is set to take place before the end of the month.
Weeres Industries was formed in Richmond, Minn., in 1952 by Ambrose Weeres, known as Mr. Pontoon for his invention of the modern day pontoon. The St. Cloud-based company now manufactures pontoon boats, water bikes, and swim rafts in New Ulm, Minn. Palm Beach was founded in 1957 in Zumbrota, Minn. The company is now based in New Ulm, Minn., and employs 45 workers to build pontoons in addition to swimming rafts and water bikes.
The Weeres and Palm Beach brands will continue to run as independent businesses and will be operated out of their facility in New Ulm, Minnesota. The Premier and Leisure brands will continue to be operated independently out of the existing headquarters in Wyoming, Minn.
Both Weeres and Palm Beach will retain their names but will be wholly owned subsidiaries of Premier Marine Inc. under the terms of the agreements.