Malibu Boats Inc. (Nasdaq: MBUU) is acquiring Cobalt Boats LLC, a lake and ocean boat manufacturer, for $130 million. The deal brings together two “premium” recreational boating brands.

Founded in 1986, Cobalt distributes a variety of mid to large-sized boats that include: water sport boats, cruisers, bow-riders, and outboard boards. The Neodesha, Kansas-based target’s outboard boats are used for cruising, skiing, entertainment, surfing, fishing and other recreational uses on lakes, rivers, intercostal waterways and oceans. Cobalt sells its products through a dealer network of 132 locations across the U.S., Canada and international markets.

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