Jacobs buys more former Genmar assetsPosted on
J&D Acquisitions is purchasing several Genmar businesses from Platinum Equity, including the Larson, Seaswirl and FinCraft boat brands, chairman Irwin Jacobs said.
The transaction also includes the Little Falls, Minn., Larson Boat factory; the VEC Technology company in Greenville, Pa.; and the Triumph Boat Company and its Durham, N.C., factory.
Additionally, the purchase includes the Seaswirl Boat factory in Culver, Ore.; Windsor Craft assets and other miscellaneous assets.
Terms of the deal were not disclosed.
“I’m very pleased that, after the completion of the bankruptcy auction and approval process, we were able to negotiate an acceptable transaction with Platinum that will allow us to keep the Larson Boat factory in Little Falls open and continue to build some of the finest recreational boats in the world,” Jacobs said. “It is my hope that over time we’ll be able to bring back many, if not most, of the Larson Boat factory employees who’ve been laid off over the past 18 months.”
The deal should become final next week, Jacobs told Soundings Trade Only, and he hopes to have all the factories up and running “as soon as possible.”
“The people from Platinum have been as first-class as anybody I’ve dealt with,” he said. “My whole interest in this transaction only came when I thought the Little Falls factory wasn’t going to be open and that was my sensitivity. There was no bid for [that] or the Wisconsin factory – the Marquis factory – or VEC and that’s when I got interested and made it clear that was my interest.
“I think they had a sensitivity to make sure anything they could do to help they were going to try and do that so they worked with us to get it together,” he added.
Jacobs announced Wednesday J&D Acquisition’s purchase of Carver and Marquis yachts was complete. The company was renamed Marquis Yachts LLC and Robert Van Grunsven was named president of the Carver Yacht and Marquis Yacht companies.
The Pulaski, Wis.-based company plans to begin production within the next two weeks and plans to ship its first newly-completed boats in early April.