Genmar Yacht president optimistic about sale

Published online: Dec 15, 2009 News
Viewed 305 time(s)

The president of the Pulaski, Wis.-based Genmar Yacht group says he's confident the business - which produces Carver and Marquis yachts - will find a buyer and remain in Pulaski.

Platinum Equity, the Genmar stalking horse bidder, put in a $55 million bid for Ranger, Stratos, Champion, Wellcraft, Four Winns, Glastron and Larson. The assets also include facilities in Flippin, Ark.; Cadillac, Mich.; and Murfreesboro, Tenn.

Their bid 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.

Genmar Holding's founder and former chairman and CEO Irwin Jacobs is also reported to be pursuing a purchase of the company.

"I will be a bidder," he previously told Soundings Trade Only. "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."

An auction is set for Jan. 7.

"It's going to be mid-January before we get the whole thing figured out," Van Grunsven told the newspaper. "It's been a roller coaster, but we're getting to the end of this. In January we will be able to get our feet back on the ground and it will take some weeks to get a restart to the operation going, but I'm confident we will do that."

Click here for the full article.

You May Also Be Interested In...

March 30, 2015

The Mini Bike Is Back!

The Downtube Mini Shimano Nexus 8SP Folding Bike has answered the call of demand and is back on the market!
March 25, 2015

Restored To Her Glory

If you’re interested in restoration stories, you don’t want to miss this one—which involves a little history lesson to boot.
March 19, 2015

Why You Should Keep Your Smoke Alarms Up To Date

If you want to hear a good argument for keeping your smoke alarms up to date onboard, check out this man’s story according to Cambridge News.
March 11, 2015

Unmanned Houseboat Drifts 165 Miles

You’ve heard of runaway dogs, but have you ever heard of a runaway houseboat?
March 04, 2015

Lake Norris Update: Twin Cove Marina Is Seeing Great Progress

In an admiral show of resilience and dedication, the heavy winter damage at Twin Cove Marina, Carryville, Tenn., is already being tackled by cleanup crews.
February 24, 2015

Norris Lake Boats Suffer Severe Winter Damage

We have sad news—several boats and docks collapsed under the fury of a winter storm in the Norris Lake, Campbell County, Tenn., area this Saturday.
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!