CREST MARINE, LLC, encompassing almost 60-acres near the corner of S. M-52 and Delaney Road in Owosso, has entered into a purchase agreement by MasterCraft, a publicly traded boat manufacturer, for approximately $80 million. The announcement was made Monday, Sept. 10. Crest Marine, a privately owned pontoon-maker that has been in business since 1957, has been headquartered in Owosso for decades. The plan for the sale will maintain the Crest name, keep the facility in Owosso, keep all of the current employees, and should be completed sometime in October during the fourth business quarter.
In May, Crest Marine and Owosso Public Schools came together to offer a $35,000 23-foot-long pontoon for a raffle prize to benefit career and technical education (CTE) programs. In January 2016, the company was chosen as the “Outstanding Large Business of the Year” by the Shiawassee Regional Chamber of Commerce (SRCC). At that time, co-owners Patrick May and Patrick Fenton were both honored.
The tagline for the company states, “Excellence is in our DNA,” and with the numerous awards the company has won, along with a strong commitment to the community, Crest has lived up to those words.
SEDP President/CEO Justin Horvath shared, “This is going to be a huge opportunity for the Owosso facility. From what I can tell, MasterCraft is a well respected brand.” Horvath went on to say, “I am very proud of the leadership team that came in to Crest in 2010 and turned it into the company it is today,” referencing co-owners Patrick Fenton and Patrick May after they purchased the company. “I am also proud of the workforce. The workforce at Crest deserves credit,” he said.
MasterCraft is headquartered in Tenessee and dates back to 1968.
(Independent Photo/Karen Mead-Elford)
