Genmar Bankruptcy Auction Ends

Platinum Equity buys majority of brands including Ranger, Stratos and Champion

Auction proceedings have ended for the assets of Genmar including boat brands, production facilities and technology, with a subsidiary of Platinum Equity investment group of California buying the majority of the lot.

Soundings Trade Only Today is reporting the winning bid was $70 million for 11 brands including Ranger, Champion and Stratos. Project Boat Holdings is a subsidiary of Platinum Equity, which is based in Beverly Hills. The auction spanned two days in Minneapolis and a court hearing is set for Wednesday to finalize the deals.

The publication also reported that former Genmar chairman Irwin Jacobs and other investors bought the Carver and Marquis brands for $6 million. Hydra-Sports was sold to another group for $1 million.

This means Jacobs is no longer co-owner of Ranger Boats, founded and based in Flippin, Ark. The storied company has strong ties to the FLW Outdoors family of bass tournament circuits and publications, also owned by Jacobs.

Interestingly enough are quotes from Jacobs in the Trade Only piece indicating he wants to purchase other specific cruiser brands from Platinum Equity, but there was no mention of Ranger Boats or the other bass boat lines.

Anglers and industry personnel anxiously await news about how the auction’s sale and Ranger’s new owners could affect the FLW Outdoors brands. There are fears that without Jacobs as owner of Ranger, the FLW tournament circuits could be greatly impacted.

Two FLW Outdoors officials said Friday night that employees have not been notified of any changes or even of the auction news.

~~ Alan Clemons