Platinum Equity Portfolio Company Genmar fishing boats.
Boats coming off the line at the Flippin, Arkansas facility. In October, 2010 Ranger Boats began investing $13 million in Flippin and created 115 jobs.
KEY FACTS
- Manufactures recreational boats in Cadillac, Michigan and fishing boats in Flippin, Arkansas
- Includes 4 fishing boating brands:
- Ranger
- Stratos
- Triton
- Champion - Includes 3 recreational boating brands:
- Four Winns
- Glastron
- Wellcraft - Worldwide dealer network
TRANSACTION
PBH Marine (formerly Genmar), a suite of numerous boat brands, was involved in a complicated bankruptcy that included divergent interested parties. We conducted a thorough but efficient diligence process in which we traveled to most of the company's facilities, many located in rural areas of the midwestern U.S. We developed a plan for the business and built strong industry relationships that would aid in its go-forward operations.
We were selected as the stalking horse bidder by the bankruptcy court, which approved our offer based in part on the fact that we were willing and able to acquire the assets as a whole. This entry to the recreational boating industry further diversified our portfolio and provides a platform upon which we are building. We continue seeking related acquisitions in this space.
NEWSupdated 4/11