LOS ANGELES, CA (December 11, 2014) – Platinum
Equity today announced the signing of a definitive agreement to sell Fishing Holdings, LLC, the Flippin,
Arkansas-based manufacturer of the Ranger Boats, Stratos and Triton fishing boat
brands, to Bass Pro Group, LLC.
The pending transaction is subject to regulatory
approval and customary closing conditions. Financial terms of the agreement
were not disclosed.
Platinum Equity acquired Ranger Boats and Stratos
as part of a larger portfolio of boat brands in February 2010 from Genmar
Holdings, Inc., through a transaction conducted under Section 363 of the U.S.
Bankruptcy Code. Triton was acquired
from Brunswick in July 2010.
“Nearly five years ago we pledged to provide the
resources and support necessary to help the company grow and evolve, while
respecting the heritage and deep roots in fishing that make it so special,”
said Platinum Equity Partner Louis Samson, who led the acquisitions in
2010. “We achieved our goals and I am very
proud of all that has been accomplished during our stewardship.”
In addition to the add-on acquisition of Triton, Platinum
Equity worked with the Fishing Holdings management team to execute a series of
other growth and operational improvement programs, including: the development
and launch of a line of aluminum boats that involved developing a completely
new manufacturing site from the ground up; continued introduction of innovative
new products across all brands and segments; strengthening of dealer
relationships; and numerous improvements in manufacturing capabilities and
overall operational efficiency.
Mr. Samson credited Fishing Holdings President Randy
Hopper and the hard work of Fishing Holdings employees as the key driver of the
“Randy is an exceptional leader, with a very talented
executive team supported by a tremendous group of dedicated employees throughout
the entire organization,” said Mr. Samson. “The business will be in very good
hands going forward.”
Mr. Hopper expressed excitement about the future as
part of the Bass Pro Shops family.
“We’re very fortunate to be partnering with an
organization with so much understanding of the industry and our brands,” said Mr.
Hopper. “This new alliance will provide
synergies that will strengthen our independent dealer base and ensure our
continued focus on fishing.”
In addition to generating operational benefits, the
transaction will provide further enhanced services and products to better
support Fishing Holdings’ existing dealer network and large base of customers
Bass Pro Shops founder and CEO Johnny Morris said,
“We’re excited about the association with these iconic brands. Ranger Boats
founder Forrest Wood has been a longtime friend and someone who has made a
tremendous impact on our industry. We look forward to building on such a rich
According to Mr. Morris, after the transaction
closes Fishing Holdings’ portfolio will continue to operate from its Flippin,
Arkansas headquarters under the leadership of existing local management which
boasts more than four decades of experience. He said the new partnership not only joins
some of the industry’s most respected brands, but also provides greater
stability and growth opportunities for Fishing Holdings’ independent dealer
“The business will continue to be operated
independently by the same management team that has led it for many years,”
added Mr. Morris. “Our goal is to
provide the products and services necessary to fuel our collective growth.”
Fishing Holdings was advised by Harris Williams
& Co. in connection with the transaction. Latham & Watkins acted as deal counsel.
About Platinum Equity
Tom Gores in 1995, Platinum Equity is a global investment firm with more than
$7 billion in assets under management and a portfolio of operating companies
that generated approximately $15 billion in revenue in 2013. Platinum Equity specializes in mergers, acquisitions and operations – a
trademarked strategy the firm calls M&A&O® – acquiring and
operating companies in a broad range of business markets, including
manufacturing, information technology, telecommunications, transportation and
logistics, media, equipment rental, metals and other industries. Over the past
19 years Platinum Equity has completed more than 150 acquisitions.
About Fishing Holdings, LLC
Fishing Holdings LLC,
headquartered in Flippin, Ark., is the nation’s premier manufacturer of
fiberglass and aluminum fishing boats, including the legendary Ranger Boats
brand, as well as the Stratos and Triton boat brands. More details, product information and
specific offerings can be found by visiting www.rangerboats.com, www.stratosboats.com