US equity group backs creation of American Baitworks Co.
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A private equity group, which this month announced a major investment in NetBait – one of North America’s top soft bait manufacturers – has outlined ambitious plans for the future.
The Fingle Flagen Group (FFG) has created an umbrella business, American Baitworks Co., that will begin construction of a 75,000sq. ft soft plastics and hard baits manufacturing facility and warehouse later this year. Alongside this, it will announce the acquisition and investment in a number of fishing manufacturers in 2019.
Matt Massey, President and COO of FFG told Angling International that – inspired, in part, by the ‘Made-in-the-USA’ message trumpeted by President Donald Trump – the new facility will be the newest, state-of-the-art facility of its kind in the country. “We are making a significant investment in acquiring the land and manufacturing equipment to support anticipated growth of our group of companies through strategic acquisition and ramping up sales and marketing.
“We are also excited to be able to offer cost-effective production capabilities for American companies. President Trump is right when he says businesses need to explore opportunities to grow manufacturing within the US and should not be reliant on overseas production.”
Massey added that he expected OEM business at the new Ocean Springs, Mississippi, premises to account for around three-quarters of its capacity. “Companies are coming out of the woodwork,” he added. “We are receiving enquiries on a regular basis.”
During construction on the new site, which is expected to be open for business in the summer of 2020, American Baitworks Co. expects to have initial manufacturing underway at its temporary facility in D’Iberville in the spring.
Massey added the American Baitworks will be announcing acquisitions to its portfolio of businesses throughout 2019.