Mustang Marine's fortunes have just taken a positive turn as luxury Australian boat builder Maritimo announced today it has purchased the company.

In March, Mustang Marine fell into administration when then-owner Standard Bank withdrew financial support, and had been looking for investors as a result.

With Maritimo buying up Mustang Marine assets, the company will continue trading as per usual, with new models to be displayed at the upcoming Sanctuary Cove International Boat Show. 

Distribution of Mustang product will continue through the existing dealer network. However, in regions where the brand is not currently sold, Mustang models will be marketed through Maritimo dealers. 

New models such as the 2850 Sports Cruiser and 2850 Super Sports are expected to lift sales for the now financially secure boat builder.

Bill Barry-Cotter, the founder and CEO of luxury boat builder Maritimo, explained that the purchase of Mustang Marine was a joint venture between Steve Searle and Maritimo.

In a press statement, Barry-Cotter confirmed that Maritimo now owns Mustang Marine's intellectual property and moulds and will maintain the Mustang brand.

Maritimo currently builds 14 different models across four different lines, including Cruising Motoryachts, Offshore Convertibles, Sports Cabriolets and Aegean Flybridges.