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. “The addition of Cobalt will expand our distribution footprint and allow us to grow both brands across the combined dealer network presenting both customer bases with an array of product offerings,” states Malibu CEO Jack Springer. Malibu, headquartered in Loudon, Tennessee, is also a U.S. manufacturer of recreational boats. The buyer operates using two brands: Malibu and Axis Wake Research. Founded in 1982, Malibu was founded in 1982 by six friends in California who shared a passion for waterskiing. The buyer plans to fund the transaction through borrowings under a credit facility. Recent outdoors-related deals include: Kohlberg & Co.'s purchase of Newell Brands Inc.'s snowboard and winter sports unit; Falconhead Capital's purchase of Kwik Tek Inc., a maker of wakeboards and snowsleds; Peak Rock Capital’s purchase of Do Outdoors Inc., the owner of fishing product manufacturer Lew’s Fishing; Cabela’s Inc.’s (NYSE: CAB) agreement to purchase Bass Pro Shops for $5.5 billion; and Bass Pro Group LLC’s deal to acquire Fishing Holdings LLC from Platinum Equity Partners. Moelis & Co. LLC is acting as financial adviser to Malibu, while O'Melveny & Myers LLP is serving as legal counsel. Raymond James & Associates Inc. is acting as financial adviser to Cobalt, while Foulston Siefkin LLP is serving as legal counsel.