Genmar sells off

[JeffN]

Looks like Genmar found a buyer for most of its brands, Platinum Holdings.

Only $6.5M for Carver?? I think BE should have chipped in to buy that one.May be some hidden debt along with the deal though.

'Last Friday the auction of Genmar's boat brands and assets under the supervision of a bankruptcy judge concluded with the Los Angeles private equity, M&A and corporate turn-around firm of Platinum Equity buying most of the brands for $70 million. Irwin Jacobs and a partner bought Carver and Marquis for $6.05 million and the VC firm which owns MasterCraft bought Hydra-Sports for $1 million. The court must approve the proceedings on January 20th. This auction puts to rest the uncertainty surrounding a number of important boat brands that has existed the last seven months.'

 

[Ductboy]

I see adds for Windsor Craft boats being sold 'at cost' for $400,000 to around $750,000.

It seems to me that the intent was to capitalize on the Hinckley picnic boat market with those boats. I think Genmar was about 5 years late on that one.

Dan

 

[GeeBee]

I hope the fine folks who work at these firms will be able to start putting some certainty in their lives.

 

[JeffN]

Not to put too fine a point on it, let that well put sentiment apply to all of us.

 

[seabob4]

quote:

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Originally posted by GeeBee

I hope the fine folks who work at these firms will be able to start putting some certainty in their lives.

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Murfreesboro to Vonore...190 miles, one way.

I don't think the laminator, or the hull rigger, or the deck rigger, or the electrician, or the engine guy...is going to travel 380 miles a day...

What "certainty" are you talking about?[:-banghead]

 

[wasjr]

quote:

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Originally posted by seabob4

quote:

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Originally posted by GeeBee

I hope the fine folks who work at these firms will be able to start putting some certainty in their lives.

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Murfreesboro to Vonore...190 miles, one way.

I don't think the laminator, or the hull rigger, or the deck rigger, or the electrician, or the engine guy...is going to travel 380 miles a day...

What "certainty" are you talking about?[:-banghead]

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While Mastercraft (that is buying Hydra Sports) is moving the Hydra Sports production to Vonore, Platinum's purchase includes the Murfreesboro facility (where Hydra Sports were manufactured) and the Stratos and Champion brands that were also manufactured there. Hopefully they will reopen the Murfreesboro facility.

 

[walterv]

quote:

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Originally posted by GeeBee

I hope the fine folks who work at these firms will be able to start putting some certainty in their lives.

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Yup I hope for the same and wish "the little people" that made the company what it is, the best.

 

[GeeBee]

"I don't think the laminator, or the hull rigger, or the deck rigger, or the electrician, or the engine guy...is going to travel 380 miles a day..."

No, he might not, but he can move.

 

[seabob4]

quote:

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Originally posted by GeeBee

"I don't think the laminator, or the hull rigger, or the deck rigger, or the electrician, or the engine guy...is going to travel 380 miles a day..."

No, he might not, but he can move.

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I started my boat building career at Wellcraft in '94. Still stay in touch with my good friends there. When Genmar shut the plant down and moved it north, well, let's just say not a lot of people followed it. Genmar offered $700 for moving expenses...hell, that would probably cover the gas to get up there!

 

[talexander38]

if i was out of work and they have a good job for my trade i'd move.

 

[Richiela]

The bigger problem is that there are too many builders, too few buyers.
Look at the car companies- 3 US companies can't compete in a world market. Now look at the marine industry, how can Genmar or Bruinswick build 20 boat lines and be competitive.
The suppliers of all non factory parts are the going to take all of this on the chin.

 

[kd3pc]

Moving would be nice, but if you own a home - that makes it all but impossible to move...with prices and sales the way they are..
sadly a large majority of those folks are further down on their luck.

dave

 

[talexander38]

i know moving sucks and owning a home makes it so hard, I watched my Mom and Dad take us kids from our home town in the late 70's and left almost every thing we had and move 1200 miles back to Texas from Indiana find work.
And I agree the boat makers need to cut thier lines, Carver should just make Carvers pick a size to start at and work up to M.Y.'s jmo

 

[RamSport47]

Carver won't be moving out of Pulaski...it would be too large of an undertaking as they have 12 or so buildings they work out of. They'll also keep manufacturing the Marquis line in the same location.