Skip to main content

Genmar working with stalking horse bidder

The stalking horse in the Genmar Holdings bankruptcy case has been identified as Project Boat Holdings LLC, an affiliate of Platinum Equity, a global acquisition firm based in Beverly Hills, Calif., according to court documents.

The assets to be sold consist of those owned by the following: Genmar Holdings, Genmar Industries, Genmar IP, Genmar Michigan, Genmar Minnesota, Genmar Tennessee, Genmar Transportation and Wood Manufacturing.

The acquired assets are primarily those used in the design, manufacture and sale of the following boats: Ranger, Stratos, Champion, Wellcraft, Four Winns, Glastron and Larson. The assets also include facilities in Flippin, Ark.; Cadillac, Mich.; and Murfreesboro, Tenn.

The purchase price is $55 million, according to court documents.

The sale does not include Carver, Marquis, Seaswirl, FinCraft, Hydra-Sports, Javelin and other brands, or real estate and production facilities in Little Falls, Minn.; Pulaski, Wis.; and other locations. The sale also does not include the ownership of approximately 93 percent of VEC Technology.

"We are pleased to have a firm of Platinum's resources and reputation taking the lead in the auction process," Genmar's chief restructuring officer Mark Sheffert said in a statement.

As for the brands Platinum is not interested in purchasing, Sheffert said, "We continue the sale process for those brands as well, and we will include them if there are bids for them in the auction, or we will sell them separately.”

Sheffert continued: “Getting Platinum in place as the stalking horse bidder was the beginning of that process, but we are continuing to sell those brands, and we have interested parties, and we anticipate this will all come to a close by mid to the end of January."

An auction of Genmar's assets is set for Jan. 7, subject to bankruptcy court approval.

Genmar's former chairman and CEO Irwin Jacobs stepped down from the company earlier this month to avoid a potential conflict of interest as he pursues a purchase of the company.

“I will be a bidder," Jacobs told Trade Only this morning. "In addition to whatever my bid will be, [it] will also include the Larson/Glastron factory in Little Falls and the Pulaski Marquis/Carver factory and the VEC stock in Genmar.”

Jacobs would not comment on Platinum's bid, or give any additional details about his bid.

Genmar filed June 1 for Chapter 11 bankruptcy protection.

Click here for Genmar's statement.

Related

AMI-PRE-CONFERENCE

AMI Hosts Pre-Conference Sessions

The sessions on leadership and marina management, and a tour of a nearby marina and boatyard operation, precede today’s official kickoff of the group’s annual conference.

1_DEALER.OUTLOOK

Boating’s Greatest Thingamabob

The Seattle Boat Show kicks off next week with nearly 300 exhibitors, 800 new boats and the construction of a 100-foot Rube Goldberg boat machine.

1_YEARGIN copy

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

1_PULSE.PING.2

Are You Improving the Service Experience?

This month’s Pulse Report survey asks dealers about tactics being employed to improve the service department, along with other questions about retail conditions. Take the survey here.

1_OFF.THE.HOOK.JPG

Off the Hook Yacht Sales Acquires Two Marinas

The company announced that it purchased facilities in Hampstead, N.C., and Georgetown, Md.

1_GILLEN.YS

Gillen Announces Expansion, New Hire

The yacht services company will move into a new, 15,000-square-foot location in West Palm Beach Fla., run by operations manager Tony Matherly.

1_YEARGIN

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

DOMETIC-EARNINGS

Dometic Posts Sales Increase for Q4

Net sales of $596 million were up 11% compared with the previous-year quarter, and profit was reported at $2.6 million.