Terms of the deal were not disclosed.
“We’ve been real friendly competitors for many, many, many years and our products really complement each other,” Larry Grundtner, president of MarineTech, told Soundings Trade Only. “It made a lot of sense.”
E.Z. Steer’s owner, he said, decided to retire after more than 25 years and contacted Grundtner about the company.
MarineTech manufactures Panther, Navigator and Detwiler marine accessories that it sells through the aftermarket through one-step retailers and two-step distributors, Grundtner said. E.Z. Steer products are sold through two-step distributors, as well as through major retailers.
“The products really complement the products that Panther currently sells,” he added.
E.Z. Steer will be a trademark under the MarineTech umbrella, Grundtner said.
Manufacturing of E.Z. Steer’s products will remain in Marysville, Wash., while all sales and marketing functions will move to MarineTech’s headquarters in White Bear Lake, Minn.
— Beth Rosenberg