Marlow completes Hunter acquisitionPosted on
The sale of Hunter Marine Corp., as well as selected assets of Mainship Corp. and Luhrs Corp., to Marlow Acquisitions is official.
That’s according to a letter to Hunter dealers sent today by Hunter sales director Greg Emerson.
“Mr. [David] Marlow was here with John Peterson and I until late last night discussing details and even making time to call our dealer in Australia, who was minutes away from starting the Sydney Boat Show, to share some clarity on the new ownership and offer words of encouragement as the show began,” Emerson said in the email to dealers.
Hunter Marine has continued to build boats throughout the reorganization and is planning a gradual production increase during the next 30 days, according to a statement.
“In the upcoming days, we will attempt to call each dealership to discuss more details about the new ownership, increasing production and future plans,” Emerson said in the letter. “We appreciate the patience and loyalty of each of you. While the wait since April may have seemed forever, let me remind you that this restructure was one of the fastest, according to the courts and the attorneys. The theory on that is that the brand was strong and solid, with a lot of buyers interested in its assets. So with a strong name, a new owner with a new vision and the best dealer network in the industry, we can all anticipate a brighter future.”
“With this behind us, it is time to shift all our resources to get back to the task at hand, building and marketing boats,” John T. Peterson, president of Hunter and chief restructuring officer/treasurer of Morgan Industries Corp., said in a statement.
“For the employees, dealers and suppliers of Hunter Marine, it is indeed a new, great day,” new owner David Marlow said in the statement.
“I am pledging my years of experience, 46 to be exact, as a boatbuilder, dealership manager and marina operator, and my entire organization, including Marlow Marine Sales of Sarasota, Fla., Merrill-Stevens Boat Works in Miami, Fla., and Norsemen Shipyard in China, to assist in continuing what has been and is a great boat brand,” Marlow continued. “The future is bright as we forge ahead in what is no secret — a tough market.”
Neither Marlow nor Peterson was immediately available for comment.
Beginning its 40th year with the slogan “Life Begins at 40”, Hunter will be exhibiting its newest models Oct. 4-8 at the U.S. Sailboat Show in Annapolis.
Morgan Industries and its related eight companies went into Chapter 11 restructuring April 30 and has sold off or reorganized all of its boatbuilding entities and two of its property entities.
Remaining assets include its property and factories in Millville, N.J., and St. Augustine, Fla.