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Report says Platinum Equity seeks buyer for Ranger Boats - Trade Only Today

Report says Platinum Equity seeks buyer for Ranger Boats

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The online business publication PeHub, a division of Reuters, is reporting that Platinum Equity is seeking a buyer for Ranger Boats.

PeHub cites three unnamed sources in its report this week, which said Ranger produces $25 million in earnings before interest, taxes, depreciation and amortization and that Platinum is seeking offers much higher than that.

A second round of bids for Ranger are due in October, according to the PeHub report.

None of the principal parties involved would comment.

“As a rule, we don’t discuss whether or not we’re considering selling any of our businesses,” Platinum Equity senior vice president Dan Whelan told Trade Only Today.

“We cannot confirm or refute any deals that have not been publicly announced,” said Katie Hurst, associated brand manager at Harris Williams & Co., the middle-market investment bank Platinum Equity has reportedly hired as an adviser for the sale.

Ranger declined to comment. Platinum Equity acquired Ranger and several other boat brands as part of its bankruptcy acquisition of Genmar Holdings in 2010.

In June, Platinum Equity announced the sale of Rec Boat Holdings, the builder of Four Winns, Glastron, Wellcraft and Scarab boats, to the Bénéteau Group.

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