Baja's Assets Sold to Fountain
 

Interesting, just got a news feed from boattest.com, I posted the story of Brunswick closing the Baja factory in Bucyrus, OH in May. Just got this update.


Baja's assets were sold to Fountain Powerboats for

4 Million Dollars, Which was reportedly borrowed.

"The assets acquired consist primarily of equipment, tooling, drawings, blueprints, design software and production process documentation used to build Baja boat models for the model year 2009 and later. The company also acquired trademarks and other assets used to sell the acquired models."

Sounds like a frickin' steal to me. Sure makes you wonder what Mariah was sold for...

Link to Article

Interesting that they would have to "borrow" to do that.

You think they'd have that kind of "change" just hanging around...

Years ago my dad had a 19' Baja TC with a 350 v8 and an OMC 800 (Stringer) drive, and trim tabs. Man that boat handled so awesome!

I had never really heard of Baja boats till I moved to the midwest from California. Guess they will be off the map shortly. I also cannot get over the fact that Reggie Fountain had to borrow the 4M to buy Baja. have you seen his watch and rings. Geeze I think Liberaci was jealous.

Just a second....let me check my pockets & see if i have a little loose change just to help poor Reggie out. :rolling_laugh:

I know, at the prices of Fountain's boats, I find it amazing they had to borrow money. I will say, they do make some sweet boats though! But you're exactly right about Reggie... He is quite a "showman".

There was probably some liability, tax credit, or real estate issue that required a loan to be made. $4 mil is nothing to Fountain.

What a deal though! I'd like to know some of the details... buildings/land included? Work in process included? Unsold boats, molds, etc. included? I can't believe all of that for $4 million!!! What about the brand itself - will it stay alive? What about the employees?

I hoestly never cared too much for Baja - seems like a cheap, lightweight, overpriced boat with one thing on it's mind - speed. Of course, they look incredible and are fast... I guess I wouldn't mind owning one. :)

I will keep an eye on the factory. It's in Bucyrus, OH which is on my way to Sandusky and Lake Erie. I'll update hopefully next week when I drive up that way!

A friend of mine had a 24' Baja H2X with the 502 Mag. It wasn't bad, but hardly ANYTHING compared to a Mariah. Interior was majorly cheap. No comfort features whatsoever. However the hull design cut through the chop really nicely, and it had a top speed of 76mph. It was frickin' frightening at WOT. He ended up selling the boat and buying a 1975 36' Gibson houseboat. :)

He wuz probably getting tired of cleaning the brown stains from his captain's chair at those speeds.... :shakehead:

He probably had to borrow the money because he is more flash than cash. I went on the fountain website and their shareholders report shows a net operating loss of over a million dollars per quarter. I believe they lost almost 4 mil last year and there stock is only worth $1.40 a share.

No real-estate or facilities included in the sale but all tooling, molds, supplies, parts and intellectual property were. Baja was a Brunswick Company as is Mercruiser/Mercury. If you notice Fountain of late they are Fountain/Mercury so Brunswick has had a cash position in Fountain to some level already. Definitely an inside deal as Baja was not offered up for public sale. Brunswick had been complaining about Baja's sales of late and reportedly felt it natural to solicit one of their partners to put it back on the map. The loan is irrelevant to the sale buy my guess is it was a loan issued from Brunswick to continue its infusion/partnership with Fountain and a way to streamline their own operation. Reggie claims that 2009 Bajas by Fountain will be available by the end of this year.