Genmar will be Sold!!!!!!!!

[gregg52]

well EVERYBODY should be be buying Yar Craft now american made

by americans in the heartland !!!!!!!!!!

whata bout crestliner (burnswick) ??

[gregg52]

what is carver and marquis??

[primetime49]

yachts 2 differant companies he bid 6 million for pair

just checking and guess what i am finding-his competiton makes their money buying and selling disabled -turned in financial boats bankrupt closed boat dealers

they made the money to buy this out the way he made his

they peddled junk to get rich and now they want to have good stuff like Irwin did

comes around goes around

hydro boats a wayzata company bid hydrosports boats,anyone here of them before??

[LMITOUT]

Jacobs told Soundings Trade Only he was "euphoric" about the outcome of the auction and felt the companies were in good hands. He also said he plans to purchase certain assets back from Platinum Equity after the court hearing, including the Larson brand and its factory, Fincraft and Seaswirl.

"I told [Platinum Equity] there were certain things I was interested in that I know they had no interest in, but they purchased them to get the thing done, and it is our intention to sit down in good faith when they get done in court securing the court's approval for everything," Jacobs said.

"They will negotiate with me in good faith and sell me these assets so I can keep these factories open, and they've assured me that they will deal fairly with me, and [they] appreciate the way that I've dealt with them," he added.

[primetime49]

its like so cool watching news that he plans to keep Little falls going

[bassNspear]

its like so cool watching news that he plans to keep Little falls going

with larson only the way it looks. So some people might be out of a job, but better then all of them!

[bassNspear]

what about crestliner? totaly different company?

[gregg52]

so what happens to crestliner?

[Pat K]

Crestliner was bought by Brunswick a few years ago along with Lund.

[JohnMickish]

Crestliner and Lund are owned by Brunswick. Not involved in this.

[ANYFISH2]

This is all news to me. I hope somthing good happens for us in little Falls, doesn't sound good though. If I may ask where I can find this info?

Anyone have a job opening after Jan 20th!

[ANYFISH2]

Fincraft at this time is only a 3 boat line. 1750/1850 single or dual counsel and a 19 foot centercounsel all are fishing boats with VEC built hulls. They are a entry level glass boat, good price, though with little factory options.

[bassNspear]

so what happens to crestliner?

ya, its not even in this auction!

[gregg52]

ya i dont get it whee does crestliner fall into all this

theres no mention of lund going belly up or closing

and granted crestliner dont sell what lund does but they are certainly one of the top sellers I would think

who brunswick ?/

[ANYFISH2]

They don't have anything to do with this. Brunswick corp bought crestliner, lund, and lowe boat lines a few years back. They are also the builders of mercury motors.

Gregg maybe your confustion comes from the plants in little Falls there are two differant boat factories here in LF. One is Crestliner aluminum boats owned by Brunswick corp. and NOT part of any bankrupcy!

Then there is Larson/Glastron/Seaswril/FinCraft factory on the west side LF. This is a fiberglass company only and was owned by Genmar and the only factory in LF involved in the bankrupcy. Hope this help clear things up for ya.

[ANYFISH2]

It is nice to see we (little falls plant) are bought and possibly sold again to Jacobs. Maybe we will stay open and building boats.

Actually if Irwins plan of buying Larson, seaswril and FinCraft back from Platinum, that will mean that we only would have lost the Glastron brand (although it was our high volume brand). So maybe we will be O.K. Next couple of weeks are going to be nuts here in LF.

[gregg52]

so you are gettin laid the 20th

just cuz its slow

or are you done there for good

are they still building crestiners

[JohnMickish]

are they still building crestiners

Crestliner has nothing to do with this thread. They are not part of the Genmar family. They where but where sold to Brunswick a few years ago.

Brunswick has not filed for bankruptcy and Brunswick did not not sell off it's assets. Crestliner has not been sold. Lund has not been sold.

If you want to know what is going on with Crestliner, give them a call.

[ANYFISH2]

I really have no idea what is to come of all of this and it affects on my employment. As of Jan 20th we are owned by Platinum and they will do as they wish. I hope I will have a job with them!

[bassNspear]

I really have no idea what is to come of all of this and it affects on my employment. As of Jan 20th we are owned by Platinum and they will do as they wish. I hope I will have a job with them!

that sucks! I was in the same situation a few days ago, its not fun at all!

I wish you the best of luck!

[bassNspear]

By LIZ FEDOR, Star Tribune

Last update: January 8, 2010 - 9:23 PM

A California private equity firm emerged as the winning bidder Friday for most of the assets of Genmar Holdings Inc., the Minnesota-based boat builder that entered bankruptcy in June.

Platinum Equity was the winning bidder at $70 million for most of the assets of the company -- including the Ranger, Glastron and FourWinns boat brands -- that had been led by Minneapolis businessman Irwin Jacobs.

But Jacobs isn't expected to fade into the background in the boat industry.

Jacobs and a business partner submitted a winning bid of $6.05 million for the yacht group, which consists of Carver and Marquis boats made in Pulaski, Wis.

Jacobs said in an interview that he also wants to buy Genmar's boat manufacturing operation in Little Falls, Minn., from Platinum. Jacobs said he wants to build Larson, FinCraft and Seaswirl fiberglass boats.

"I have all the faith in the world that we will get this worked out," Jacobs said, adding that he talked with Platinum in the weeks before the auction about his desire to buy some assets from the equity group.

"I want to keep people working," Jacobs said. "Between [Platinum] and us, we will hopefully be able to keep all of the factories up and running."

Jacobs, 68, got his start in business working for his father as a 12-year-old, and he's been in the boat business for 33 years. On Friday, he characterized the Genmar bankruptcy as "the most humbling and painful experience of my business career."

Many boat businesses saw their revenue fall dramatically during the recession. "We are a victim of the times," Jacobs said. However, he added, in retrospect he thinks he allowed his corporate structure to grow too large.

The former Genmar CEO took part in the two-day auction held at a downtown Minneapolis law office, and the winning bids now will be reviewed by the bankruptcy court. A third successful bid of $1 million was submitted by MCBC Hydra Boats LLC, which will acquire Hydra-Sports

Mark Sheffert, chief restructuring officer for Genmar, said after the transactions close that the surviving businesses can "focus their energies and resources on sales and service" and do so without the "distractions of being in bankruptcy."

Platinum spokesman Mark Barnhill said his company was attracted to the Genmar assets because Platinum's leaders thought they could bring operational expertise to the business that will "make it a profitable enterprise going forward."

When asked whether Platinum would close any of the manufacturing plants, Barnhill said it was premature to discuss any details about operation of the boat businesses.

"We have spoken at length with Irwin and have enjoyed the discussion," Barnhill said. But he declined to talk about specific asset sale deals Platinum would consider doing with Jacobs.

John Paul DeJoria, a businessman with many interests, including the John Paul Mitchell Systems hair care products, is Jacobs' partner in the yacht deal. "He is a big man on wind energy," said Jacobs, who has been pursuing development of wind-blade factories.

Those wind blades would use fiberglass technology that Jacobs has used to build boats in Little Falls. Company stock for those virtual engineered composites (VEC) has been part of the Genmar bankruptcy and an asset that Platinum secured with its bid. Jacobs said he wants to buy that stock and hopes to soon begin negotiations with Platinum.

The bidding on the Genmar assets opened at 10 a.m. Thursday, ran "very late" Thursday night and concluded around 3 p.m. Friday, said Stephen Spencer, a director of Houlihan Lokey, which conducted the auction.

"There was substantial competitive tension," Spencer said. "We were able to get that to achieve a good result for the estate."

Sheffert said a second private equity firm, called Gores, bid against Platinum for the majority of assets. There were multiple bidders for the other assets.

Spencer said the "creditors feel pretty positively about the outcome." The creditors committee took part in the process held at the offices of Fredrikson and Byron. Spencer said it is important for the creditors to be present so they are comfortable with the bids before they go before the bankruptcy judge for approval.

A hearing on the bids is scheduled for Jan. 13.

Looking to the future, Jacobs said, "We will run a very tight organization and be very entrepreneurial."

[JohnMickish]

Jeez, just trying to answer your question. You seemed pretty concerned over Crestliner and Brunswick. Just suggested you call since nobody here can answer it.

[primetime49]

Gores equity has liberalized 60 companies for 15 billion dollars and has 1.7 billion in equity waiting for purchases in technology[probally after VEC technology]

[bassNspear]

i think it would be hard for them to get vec from irwin!

[bassNspear]

Editorial

When The Foundations Shake

Saturday, January 09, 2010

by BassFan Editor-in-Chief Jon Storm

Like a lot of BassFans, I'm surprised by today's events – even shocked – and I'm left wondering what the sale of Ranger, Stratos and Champion really means. Several different thoughts swirl through my head, and they all tend to coalesce into one big question mark.

Truth is, I don't what know what it means for the future – whether immediate or long-term. That's expected. Monumental change never delivers quick answers – only questions – and today's sale of those three bass-boat brands is certainly monumental.

I've covered the Genmar bankruptcy from a news angle since day 1. I've also written a few opinions. I've seen every page of every court document. I've listened to boat manufacturers, tackle manufacturers, media stars, pros, boat dealers, the general public. I imagine I'll be talking with them all again in the coming days.

But now that the sale is moving toward confirmation, it's critical to look at some of the big-picture issues that surround the bankruptcy itself and those folks and entities affected by it.

First there are the people.

I grew up in a manufacturing town (Buffalo) and know first-hand that when corporate titans do battle, it's the little guys who often get hurt. My heart goes out to every Genmar employee. There were a lot of lean Christmases this year – a lot of folks talking to banks, sweating their mortgages and stretching one meal into three and four. I hope the infusion of capital that Platinum brings can keep those families afloat.

Now that he doesn't have bass or walleye boats to sell, will he stay in the tournament business?

Included in that group are the Genmar dealers and their employees. There's a general consensus out there that Platinum was the preferred choice of Genmar dealers and manufacturers. Platinum's well capitalized and brings a lot of money to the table. The company has created a new boat division. It's one of the largest private companies in Los Angeles. There's a solid floorplan in place. And many of those dealers will now be in excellent position once the market redounds.

And don't forget Genmar management. Over the course of the bankruptcy, I got the sense there was friction between Ranger management, Irwin Jacobs and FLW Outdoors. Ranger management is still heavily tied to the Forrest Wood family, and from what I've heard, they worked closely with Platinum in the due-diligence process. I'd have to guess that if Irwin Jacobs did retain control of Ranger, many of those great folks would have moved on – whether by choice or not.

I'm now confident that people like Randy Hopper and Keith Daffron will continue to represent the braintrust in Flippin.

Which inevitably brings the conversation back to FLW Outdoors. Again, first thoughts turn to the people there. Lean times are certainly ahead.

The league, which is still controlled by Jacobs, may try to broadcast an all-okay signal. Or it might state the honest reality of today's events. Either way, the organization chart that linked Ranger, FLW Outdoors and Jacobs has basically been blown up.

Both Ranger and FLW Outdoors took marching orders from Jacobs. There may have been minor wrestling matches here and there, but Ranger and FLW Outdoors seemed to hold parallel, lieutenant positions within the empire.

Now that Ranger's independent of FLW Outdoors and Jacobs, FLW Outdoors needs to knock at Ranger's door, same as it would for any potential sponsor. And I say potential sponsor because Ranger is, right now, only a potential sponsor. Genmar specified last week that the winning bidder need not assume the approximate $750,000 cost of Ranger's FLW sponsorship.

And remember that it was Jacobs who made the call for Ranger to pull its advertising and sponsorship from BASS. You can bet there'll be a voicemail waiting at Flippin headquarters Monday morning, probably from BASS VP and GM Tom Ricks, asking if Ranger would like to have an expanded presence at the upcoming Lay Lake Bassmaster Classic.

And what about FLW Outdoors as a whole? It's anyone's guess whether Jacobs ever made a dime from holding tournaments that wasn't counted as a Ranger boat sale. He said many times he wasn't in the tournament business to make money. He was in it to sell boats.

Now that he doesn't have bass or walleye boats to sell, will he stay in the tournament business? My guess is no.

Genmar was a sinking ship that he couldn't save, and I don't believe he'll stick around to fix a listing tournament organization. Genuine concern should be there from everyone in the sport for employees and families that depend on that league, because as I see it, the next big sale in fishing could in fact be FLW Outdoors.

Are there potential buyers? Platinum Equity appears to have deep pockets.

Then again, Jacobs might have one last trick up his sleeve. He appears to be talking with Platinum about the possibility of buying back FinCraft – a new glass-boat line that, through the use of VEC technology, retails in the low- to mid-teens. FinCraft wasn't an initial target for Platinum, but the company owns the brand now.

Could the future include a re-invented FLW Outdoors, charged with a mission to redirect the tournament bass-boat market toward affordable glass boats? It would be risky, since the margins are so low on such sales, but it seems just the type of challenge Jacobs would relish.