Alumacraft Boat Co., a privately owned fishing-boat builder based in St. Peter, Minn., announced a partnership with its management team and Corinthian Capital Group LLC to complete a recapitalization that will help Alumacraft grow and expand in the marine industry.
Partnering with Corinthian Capital, a private equity firm specializing in investments in small and mid?sized companies, Alumacraft will continue to have a strong, stable financial position with a commitment to provide quality and value for the consumer, the boatbuilder said in a statement.
“The current management of Alumacraft Boat Co. has worked together for over 10 years and has over 80 combined years in the marine industry. Together with our prior owner, Dave Benbow, Alumacraft has built a strong legacy in the boating community,” company president James Irwin said in a statement.
“Generations of fishing enthusiasts have relied on the quality, durability and value of Alumacraft. When Dave passed away in 2010, we committed ourselves to continue to build on this legacy; Corinthian Capital shares a similar strong commitment to employees, quality manufacturing and growth,” Irwin added. “Combining their resources and support with our strong management team will help the employees and management of Alumacraft continue our tradition of excellence.”