Jacobs buys more former Genmar assets

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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.

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Comments

34 comments on “Jacobs buys more former Genmar assets

  1. Andrew

    The next question will be the terms to which vendors are willing to extend credit?…Once bitten twice shy!

  2. Ex Genmar Employee

    My, my……………….what a surprise.  For all of you experienced bystanders that know how Irwin Jacobs operates.  You can only shake your head in disgust.  However, for all of you bleeding hearts that believe that Irwins motives are in somebody’s best interest other than his……You’ve been had again.  I would rather be unemployed than watch and be a part of this vicious cycle again, whereby middle and upper management works 24/7, then later gets shoved aside with absolutely no regard.  Corporate America comes out on top again due to a good group of lawyers and a war chest of cash.  It’s quite pathetic.
    I sleep very good at nights these days, although regretfully leaving 27 years of dedicated marine service behind. Economy aside, this whole affair is a joke, even to the casual observer.  For the new crop of marine employees that Irwin and others like him can feed off of, my only advice is……keep your resume up to date.  You’ll need it as you work towards your next career direction.

  3. Bad Rap

    Just another reason why consumers wont ” Discover Boating ” Too many CROOKS !!!!!!!!!!!! Thanks, Irwin

  4. Grand man

    Hello Marine Industry !
    A lot of questions have been answered by this action. It certainly shows that the “Blind” company had intentions all along to sell the assets to Jacobs with a little interest. Well, well, well…..
    It is going to be interesting to see what vendors will offer credit, and supplies. They need the business, so I’d expect them to supply the various plants and companies to get the new revenues, but who will be paying the new prices for goods to help offset the losses the vendors incurred. Jacobs’s business interests will pay also, but they will start out debt free, while others still have obligations to meet.
    I bet parts and pieces start appearing at the factories even before they are geared up to crank out the production lines. It is great for the many people affected by the closings. They will once again climb aboard  and hope for a better future. Good luck to all that are touched by this process, but let the lessons of the past help you in the future.

  5. JW Glass

    It does my heart good to see how much Mr. Jacobs cares about the little guy and the communities where these plants are located.  NOT!!!
    What a jerk.  Bankrupt it and then buy it for one-half of what was owed on it.
    NO CREDIT FOR YOU!!!  NEXT!!!

  6. Capt. Woody

    I wonder if dealers and vendors will do business with him?  I really wonder if EZ Loader trailers will get any monies owed to them?

  7. mh-former genmar emp/now marquis emp

    Oh come on people!!…Listening to everyone just whine and complain about Irwin is getting really sickening!!  This is how I look at it:
    1.  A few hundred jobs are available again real soon for those of us who need a job ASAP, and can’t (and refuse to) just sit on our lazy butts while collecting unemployment!!!! Which is getting TOTALLY out of hand and rediculous.  Not to mention, being waaaay taken advantage of!!
    2.  These small boat companies are located in really small towns, and employ like half of the people who live there.  EVERY other buisness in these small towns are effected by Genmar being shut down and  I am sure they are excited and relieved that they wont have to go under the same way jacobs unfortunetly had to. 
    3.  I went to Marquis this morning and re-applied for my job back.  I seen ALOT of people who worked there before come there today to get applications.  I also heard that in the morning when the office doors opened at 8am there was a line outside consisting of ex-genmar employees waiting to get their application back in, in hopes of getting rehired.  Everyone worked great together and we had alot of pride in the boats we built!!
    Why is everyone so negative all the time?  If more people thought positive more often, everyone would be alot better off.  I can’t wait to go back to work!!  I absolutely LOVED my job at Marquis, worked with (and for) great people, and working at a company that was owned by Irwin Jacobs.  As it is again.  And you know what else?  Say the company went under again, shut down and I had to sit on unemployment for a year, again.  As soon as I hear that Irwin Jacobs gets his company back yet again, You would definitly see me standing in line for that application!!

  8. Happy!!!

    I am just gald this is all over with….yes it has been a mess but Irwin did what had to be done and because of him families will continue to keep there houses which means less forclosures and etc.  Everyone can jump on the I hate Irwin band wagon but he did lose a lot of money in this deal himself, so it is not like he got away like a bandit like everyone is saying.  He was one of the largest unsecured creditors.  If you lost millions and you are willing to put millions back into it to keep people employeed then I say THANK YOU IRWIN!!!!

  9. TG

    He’s still feeding off of all his old employees that were laid off, and every other tax payer in this country.  All of that debt, that hurt those companies Genmar owed will be written off against taxes, which means we will all have to pay more whenever the government gets around to balancing the budget.  So even those poor unemployed former Genmar employees are footing the bill that has allowed him to purchase those companies.  How does that help anyone other than Irwin Jacobs.  It isn’t quite like TARP money that the banks got, but it’s the next thing to it.   Come to think of it, if people like IJ weren’t allowed to get away with this kind of thing then maybe the banks wouldn’t have needed as much TARP money.

  10. Paul B

    For all of you who think Irwin created this opportunity, stop showing how stupid you are:
    Did Irwin create the GFC  - NO!
    Did Irwin stop the banks lending money to dealers – NO!
    Did Irwin stop banks lending to consumers – NO!
    Did Irwin stop consumers walking into dealers and buying boats – NO!
    Did Irwin create the Bankruptcy Act – NO!
    Did Irwin for 30+ years pay wages to about 10,000+ employees – YES!! Did this pay for food, insurance, schooling, mortgages that effected about and another 40,000 family members – YES!
    Did Irwins companies for 30+ years buy from about 4,000 companies and make other people rich and employ thousands of other people and put food on the tale of their families – YES!
    Read the comments from/current past employees and pull your heads in – stop showing how stupid you are.

  11. ex-disgruntled

    Don’t know if you had followed my blogs but Irwin came out on top and all because he kept his hand close to his vest!
    Seaswirl in Oregon was closed years ago and those people only had hopes of finding jobs @ the new prison that was being buillt. (the Culver plant is in a very remote area known as the “shack by the track”)
    The severance packages promised to the last few Wellcraft “loyals” that stayed to the end …was never even paid!
    The “cost of doing buisness”  for Mr. Jacobs has certainly had its’ ups and downs but now he has hand picked the cream of his crop and the Phoenix will rise again!

  12. Tportage

    Oh goodness guys.  Come on, why are you blaming Irwin for EVERYTHING.  Shouldn’t we be blaming the government?  What caused the economic collapse?  It sure in the hell wasn’t Irwin and if you think that or blame him you need to open your eyes.  Look at what Barney Frank, Harry Reid, Nancy Pelosi, and the rest of the people in the Governement are doing.  Isn’t the main reason we are in trouble is because they made it easy for low income family’s buy homes with no money down?  You guys make it sound like Irwin made a deal with the government to screw the economy up so he could waste 40 Mill of his own money, then clain BK, and then sell the company, then buy it back (by the way he is only buying back SOME of the company). 
    Lastly, if you would read the story written here by Trade Only, you would have noticed that he is getting back two cruiser lines and Larson.  Come on guys, Larson is a great boat, but what about the money makers - Ranger, Four Winns, Glastron, etc.   He lost them!  It isn’t like he is going to get rich off of this deal ……..let’s move on!!!!!

  13. Irwin loves money, not people

    To all you blind Irwin supporters:
    Madoff employed alot of people and fed alot of families too. Irwin is no different.
    Employing and feeding people doesn’t make Irwin a saint. Any new owner that would run these companies would have done the same. And there are still many who will not be employed and fed as a result of his “fake” bankruptcy.
    Lack of ethics and morals and abuse of bankruptcy laws is legal but also makes Irwin a part of the problem. And you can be sure he had worked behind the scenes with Platinum so they both made the outcome work well for both parties. Why do you think Platinum’s bid was the same as Irwins? If Irwin wins, Platinum gets the assetts they want. If Platinum wins, Irwin gets the assetts he wants. And the cost is the same either way. HMMMM, he still had enough money to personally buy back at least 5 or 6 of his companies. This was simply an OPPORTUNITY for Irwin to pocket alot of cash instead of paying his debts. If I did that personally, I would be looked down upon, not raised up and exhalted!
    He may be sly and clever but also disgusting and loathsome. We all have a right to hate him and his outward manipulation and abuse of the system.

  14. Reynolds Yacht Sales

    A fine example from the people that brought you Enron. See you in the repo yard next year.

  15. ecm@oldmercs.com

    Irwin closed Genmar before the major part of the freight train came into the station. He realized that once the dealers started to fall that Genmar going out of business was inevitable. Yes, he knows how to play the game, and use bankruptcy to his advantage. Yes, he sent numerous letters to all of his dealers saying “hold on I can fix this, trust me” as he positioned himself with Platinum. Yes, he walked away from millions in debit and “cherry picked” the best parts from the ashes. Guess what? He is a business man and everyone reading this thread, most of whom are dealers, would do the same if you had that option. I DO NOT AGREE WITH HIS BUSINESS PRACTICES, and he is FAR from a “knight in shining armor” but I blame “us” the dealers! I INCLUDED!! How many of you sold a boat to a customer who in the back of your mind knew they could not afford it? We all have done it! So we are responsible for them losing their house or going into personal bankruptcy? They are adults and if they want the boat they are going to buy it off of you or another dealer. Since “we”, the dealers allow guys like Irwin to force feed the market and jam boats down our throats; we need to move that product. I laugh at most of your post. You fearless armchair warriors! Why don’t you use your real names? Mine is Bryan Tuckey and I own East Coast Marine Service Inc, in PA. Until dealers realized they are on the same team this industry is DEAD! I am not talking about dealers of different lines. My worst competitor was another dealer of the same line. Anyone of you who think things are going to change….YOU ARE AN IDOT! Does anyone remember 1989? This is the same bull in a new package with a new date. History repeats its self guys. In 2006, the top of the market, it was about 2/3 of what it was in 89. So… what is next? Everyone wants to blame everyone else.

  16. insider

    So after this sale takes place, what will Platinum actually own and what do you think will happen with these assets?  Move everything to one location?  Close brands?  Do Four Winns and Glastron use VEC to produce?

  17. mh-marquis employee

    To TG: LOL!! The government will NEVER balance the budget! They are just waiting around for another major wordly disaster so we can send out another 100 million dollars!!!!!
    To TPortage:  EXACTLY!!  It ALL came from the stupid americans that were taken advantage of by these “banks” or so called “mortage lenders”.  And if IJ was out to make millions he wouldnt of bought back carver and larson! I think that just goes to show he cares about 2 of the smaller town companies.
    To Bryan Tuckey:  WOW! I am impressed.  If I could afford to buy a boat, I would buy it from you.  It is a sigh of relief for honesty! It is all just buisness and any buisness person would do what ever they saw fit for their situation.
    I am also glad to see that I am not the only person blogging here that is thinking more positively about things.  I dont totally agree with everything that happend either but I just pull the positive parts out of the whole situation and keep moving forward!!

  18. Grand man

    Lots of good comments today, and for the most part the thinking is right on subject, and recognition of the situation is good. The people doing business with various companies all face challenges ahead.  Unless a constructive effort is made to rebuild and promote the marine industry as a whole the challenges will be harder. The vendor companies, and the dealerships have to survive by getting along.
    Everyone should be thankful people are going back to work, but they also should recognize that Irwin did not loose money. He will write off loses, and start debt free, and have bought assets back for a fraction of actual worth. The result is a gain in equity and dissolution of unprofitable lines and facilities.
    Be aware of lessons of the past, and develop new plans for the future. Your survival depends on being efficient, and profitable.  There are many organizations which offer  everyone an option in purchasing and a voice in operating their business. The support and information is vital to success to everyone. The IBBI, ABA, MRAA, and others all have advantages for their members.

  19. G B James

    “GET OVER IT”..Its just business..I have been to3 boat shows in the last 2 weeks..dealers were selling some boats and not worring about Mr. Irwin.
    Get a good line or a new job and move on. …..spend as much time working on new business ideas as these post take and you will be ahead of the game..

  20. Disgusted

    Irwin….simply tell the dealers and vendors when they can expect the checks for the money that you have owed them for this past year +….and all of these dealers will follow you iver the cliff again !!!
    Wake up dealers !!!!!

  21. Ex Employee

    Everyone should be thankful that people are going back to work. I am not one of them but thats okay. I have moved on and everyone else should also.  Irwin Jacobs did not run each brand we all had a part in running them. If you go back make sure you give it all you have and it will work out. GOOD LUCK TO THE DEALERS & ANY ONE THAT GETS CALLED BACK TO WORK!!!!

  22. Florida worker where do we stand!

    Has anyone heard anything about the furture of the florida drivers and workers that drove and worked for Genmar and any hope for the Wellcraft plant opening again in florida.We would like to put all our workers back.
    We are real happy for the little falls workers,taht is your first concern,just don’t forget the rest of us.
    To you  Mr Jacobs & Platium do you have do you have any good news for us.
    We are glad to see you will be back in buisness, but where do we fit in as a new company maybe you will come back and oget the tax breaks you are getting elsewhere.
    Please remember us,we have alot of good people here to.

  23. Former Genmar employee

    Please don’t be critical of my post I’am just a laid off employee that has a lot of vaction money owed to him.I don’t no the whole buisness side of the bankruptcy but can anyone tell me will we get any money that is owed to us ????l

  24. former employee

    For all who think going back to work is better then nothing. I think maybe not. I have been informed that the line at Marquis is offering $12.50hr. Must wait 3 months for health ins. and they will not say anything about vacations owed or even if they will get any at all. If this is what the new plan is, I don’t believe having disgrutled employees is a great way to start off. Can u just imagine the great quality of work the customer will get with type of employee. But lets not blame Irwin he only gives the orders. Lets see some people are driving over 30 miles one way because the plant is  in the middle of nowhere. The new year insurance premiums have went up. Good luck people because their maybe a better future selling shoes instead…. Oh I heard Irv bought more of his companies back. Must be nice to have some extra money laying around…..
     

  25. Just hired back carver employee

    To former employee!!! I just got hired back at pulaski and I take offense in your comments.When I was called I was told the wage you either except it or move on. I excepted what was offered and will give 110% to make this new company work. I have talked to a lot of recalled employees and they all feel the same.With an attitude like yours I wish you luck in finding a new job because YOUR GOING TO NEED IT!!! To all the dealers  and potential buyers I no this new company will give you the highest quality product that you expect and deserve.QV

  26. to rehired

    Please don’t take offence to my comments. I just find it insulting to offer me $12.50hr to assemble multi million dollar yachts. That was a 30% cut on top of the 10% on top of all the lost vacation time. By the way I have moved on a while ago and am doing just fine. Let me guess you live in Pulaski and have never worked any where else….  Just the way Irv likes it. Got you where he wants. Otherwise why else would he have his companies in those lil towns. Good luck to you.

  27. Cold in Canada

    I’m curious about the future of the Glastron brand.  Platinum appears to have retained the brand name, but Mr. Jacobs et. al.  owns the facility in Little Falls that turned out Larson/Glastron/Fincraft.  Anyone know what the arrangement will be.  I recall reading elsewhere that Jacobs will manufacture them under a licensing agreement.  Is this true and, if so, what are the terms of the agreement?

  28. ex-disgruntled

    I am so glad the government will start openly supporting special interest groups…thanks for coming out of the closet!

  29. Arch

    Anybody patting IRWIN on the back is a fool.
    The guy has screwed tons of people and companies, used the bankruptcy to get it back for pennies on the dollar, now he will milk every drop of money out of it again during a good economy, then bankrupt it when the next recession hits.

  30. former manager

    If two wrongs do not make a right, then the ends do not justify the means. I am the little guy, and I always pay my bills, no matter how bad my situation might be, no matter if I’ve been unemployed for over a year, no matter if someone else has taken over 12k of my money in stock. I’ve known Irwin for 20 years, and have known this type of behavior from him on  a few occasions, but have not been personally affected by it until recently. You have lost my respect Mr. Jacobs, and this may not mean much to you, but it does to me. Best of wishes to anyone needing a job that is rehired. Half of something is always better than all of nothing.

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