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Platinum Equity Completes Acquisition of Genmar Assets

LOS ANGELES, CA - Platinum Equity announced today that it has completed the acquisition of several boat brands and related assets from Genmar Holdings, Inc., through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. The U.S. Bankruptcy Court for the District of Minnesota approved the transaction on January 13, 2009.

The acquisition includes the Ranger, Stratos, Champion, Wellcraft, Four Winns and Glastron boat brands; manufacturing facilities and related operations in Flippin, Ark., Cadillac, Mich., and Murfreesboro, Tenn.; and certain transportation equipment and other real estate assets.

"Each of the brands we acquired has a rich heritage, a strong and loyal customer base, and significant opportunities to grow following very challenging times throughout the boating industry," said Louis Samson, the principal at Platinum leading the investment. "Platinum has a strong track record of supporting companies through difficult transitions and we look forward to putting each of these brands on a path toward long-term growth and profitability." The newly acquired boat brands will now have the backing of Platinum Equity, with its extensive operational resources and a multi-billion dollar capital base.

Why Now is the Time to Buy Your New Boat

If you’ve been putting off buying a new boat thinking that the prices will continue to drop, you might rethink your position. Increases will soon be forthcoming. It’s a fact and it can’t be disputed.

Why in the world, you might ask, would prices go up in the midst of a recession? Well, the answer to that question is that it has nothing to do with the economy and everything to do with catalytic converters.

Crownline Boats Displays First 2010 Model

The first Crownline boat built since the company shut down production in December of 2008 rolled off the manufacturing line in October as the company began production of its 2010 models. The company re-opened its doors under new ownership with a ribbon cutting ceremony on August 26, signifying the rebirth of one of the top boat manufacturers in the industry. crownline

More than 550 boats have been sold since the company’s reopening. Crownline’s Australian distributor, David Fraser of Melbourne, Australia was on site for the event. “Crownline gives you exceptional quality and they are serious about developing a world class product,” he said. Crownline has not only been a major source of income for southern Illinois, but has also been instrumental in creating jobs throughout Australia, Germany and Spain in a related manner. Innovative boat designs focusing on sophistication and exclusivity have always been the basis of the research and development division at Crownline. The new owners and the management team have made a commitment to customers, dealers, employees and vendors to maintain, if not surpass, Crownline’s world class status. And with the launching of their impressive 2010 model series, they are well on their way to achieving this goal.

For more details, visit www.crownline.com.

Anchors Aweigh Earns Regal's Highest Honor

Regal Boats recently presented Paul and Nancy Neumann, owners of Anchors Aweigh Boat Sales, with the coveted CSI Gold Club Award in recognition of their outstanding service and dedication to customer satisfaction for the 2009 model year. Anchors Aweigh’s customer satisfaction index was in the excess of 95 percent, an outstanding feat by anyone’s standards.

The award is based on customer surveys returned following the purchase of their boat. While dealers strive to reach the 100 percent customer satisfaction goal few, if any, dealers will ever achieve the 95 percent level obtained by Anchors Aweigh.

Being named a Certified Dealer means that consumers can have confidence that the boat they buy is safe and seaworthy for their families and that the dealership strives for complete satisfaction in the buying process as well as superior service after the sale.


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