Platinum Equity, headed by CEO Tom Gores, recently acquired several boat brands and assets from Genmar Holdings Inc. during bankruptcy proceedings in the State of Minnesota. Platinum Equity is now the owner of Ranger, Stratos, Champion, Wellcraft, Four Winns, and Glastron boat brands. Platinum Equity has also acquired several manufacturing facilities.

“Each of the brands we acquired has a rich heritage, a strong and loyal customer base, and significant opportunities to grow following very challenging times throughout the boating industry,” said Louis Samson, the principal at Platinum leading the investment. “Platinum has a strong track record of supporting companies through difficult transitions and we look forward to putting each of these brands on a path toward long-term growth and profitability.”

Platinum Equity is currently setting up a transition that will make the Genmar brands into a standalone business with a name. David Huls has been named President and Chief Financial Officer (CFO) of the new consolidated corporate holding company. Mr. Huls was previously Senior Vice President and CFO of Genmar Holdings, Inc.

“I am honored and excited to have this opportunity and to work alongside so many great people,” said Mr. Huls. “Partnering with Platinum is a critical first step towards the stability we need in order to move forward and once again aggressively support the growth and success of our brands.”

“David has tremendous experience, demonstrated leadership skills and an ability to get things done, all of which make him the ideal candidate to lead the holding company organization,” said Mr. Samson.
Mr. Huls discussed the challenges and difficulties his industry has faced. “The last eight months have been extremely difficult for our employees, dealers and suppliers,” said Mr. Huls. “I’m grateful for everyone’s support and cooperation as we worked through so many challenges. It hasn’t been easy and we have a lot of hard work ahead, but through a renewed spirit of collaboration we will all prosper together.”

Randy Hopper will continue to serve as President of Wood Manufacturing, a position he has held for more than 20 years, and will oversee Ranger Boats, Stratos Boats and Champion. Jeff Olson will continue to serve as President of Four Winns and Wellcraft, and Mike O’Connell has been appointed to the newly created position of President of Glastron Boats.

About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.

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