Expansion strategy for Orlando boat maker Correct Craft pays off – Orlando Sentinel

Construction crews are building a big addition at Correct Craft’s boat manufacturing plant in east Orlando, a testament to the 90-year-old Central Florida company’s recent success.

The company, and its bank, made a big bet on growth in the worst days of the Great Recession. Now the bank and Correct Craft are reaping the benefits.

Correct Craft is better known for its biggest brand, Nautique. It builds ski boats and wakeboarding boats, has doubled its sales in the past two years, launched an $8 million expansion and has acquired three other companies.

“During the recession we faced a choice, to cut our way through it or to take a risk and develop new products,” said Sean Marrero, chief financial officer. “We chose to keep going.”

Bank of America provided $40 million in financing for the company in recent years, coordinated by a senior VP at Bank of America Merrill Lynch in Orlando, Juan Amo.

The investments helped Nautique launch new, more powerful boats as the recession wound down, allowing the company to leapfrog competition. The newest boats actually create wave big enough and continuous enough to surf on.