Genmar

Genmar Holdings, formerly headed by Irwin Jacobs, was once one of the two largest boatbuilders in the world, with 15 brands, until it was forced into Chapter 7 liquidation in 2009. Several brands became part of Platinum Equity’s boat lineup, but some were bought by J&D Acquisitions, headed by Jacobs and partner John Paul DeJoria.

Marquis Yachts signs deal with Italian designer

Marquis Yachts LLC renewed and extended its exclusive design and engineering contract with Nuvolari-Lenard Naval Design in Venice, Italy. “John Paul DeJoria and I are extremely pleased and excited that we were able to purchase Marquis and Carver Yacht companies and have Nuvolari-Lenard continue as the design and engineering firm for the company,” said Irwin…more

Jacobs ready to do business again with suppliers

Irwin Jacobs sent a letter to suppliers this week saying he’s looking forward to doing business with them once again, while recognizing many were hurt financially when Genmar filed for bankruptcy. “I totally understand that there may be some reluctance as to whether or not your company may want to do business with us again,”…more

Sale of Genmar assets is finalized

Genmar Holdings closed on the sale of its remaining boating-related assets and certain other non-core assets. Platinum Equity of Beverly Hills, Calif., now owns 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…more

Genmar vendor checks to be honored

According to the debtor-in-possession financing arrangement, Wells Fargo will honor any check written to vendors between now and the closing of the sale of Genmar Holdings’ assets, and any check that clears after closing will be honored by Platinum Equity, said David Steichen, a restructuring officer in the Genmar case. The sale did not close…more

Jacobs buys more former Genmar assets

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…more

Jacobs’ Marquis Yachts set to ramp up production

With J&D Acquisition’s purchase of Carver and Marquis yachts complete, the company was renamed Marquis Yachts LLC and Robert Van Grunsven was named president of the Carver Yacht and Marquis Yacht companies, chairman Irwin Jacobs announced. The Pulaski, Wis.-based company plans to begin production within the next two weeks and plans to ship its first…more

Judge OKs Genmar auction results

A bankruptcy court judge in Minnesota Wednesday approved all bids for Genmar’s assets, chief restructuring officer Mark Sheffert said. The sale will officially close Jan. 20. California-based Platinum Equity purchased the majority of Genmar Holdings’ assets for $70 million. J&D Acquisitions purchased Carver and Marquis for $6.05 million. And MCBC Hydra Boats, a subsidiary of…more

Genmar sale hearing gets under way

A sale approval hearing for the assets of Genmar Holdings was scheduled to begin at 10:30 a.m. this morning in U.S. bankruptcy court in Minneapolis. Last week, after an auction lasting two days, it was announced that California-based Platinum Equity had purchased the majority of Genmar Holdings’ assets for $70 million. Carver and Marquis were…more

Unsecured creditors want Genmar auction results thrown out

The Official Committee of Unsecured Creditors in the Genmar bankruptcy case is asking a judge to set aside the results of last week’s auction or, alternatively, deny approval of Irwin Jacobs’ bid for the Carver and Marquis lines. The committee says it appears the aggregate amount of the prevailing bids will not satisfy the secured…more

Dealers still face uncertainty after Genmar sale

Although the auction is over for the assets of Genmar Holdings, uncertainty remains for thousands of unsecured creditors, dealers and former or current employees. On Friday it was announced that California-based Platinum Equity had purchased the majority of Genmar Holdings’ assets for $70 million. Carver and Marquis were purchased for $6.05 million by J&D Acquisitions…more

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