Mr. Samson also states that Platinum Equity is a well-capitalized company that is more than prepared to lead the way in the marine industry.  The company has maintained a disciplined approach over the years in managing portfolio companies.  Platinum Equity plans to continue supporting the business and taking advantage of solid opportunities as they become available.  The company feels that the marine industry has quite a lot of potential and is excited to be a part of it.  While devising new strategies for the future of the acquired brands, Platinum Equity is doing all it can to protect the customers, suppliers, dealers, and employees of these brands.

With the transition underway, Platinum Equity is currently in the process of establishing the former Genmar Brands as a business apart and under a new corporate name.  This new corporate identity and its details will be announced as the process progresses.

Organizing and Leading

David Huls, formerly the Senior Vice President and CFO of Genmar, has been appointed as President and Chief Financial Officer of the newly consolidated holding company.  According to Mr. Samson, with over five years of experience at Genmar, David Huls has the experience and demonstrated leadership skills that culminate in an ability to accomplish the organization’s goals.  These traits make Mr. Huls the ideal candidate to lead the newly formed organization.

Mr. Huls has stated he is excited and honored with this opportunity and the ability to work with so many talented people.  He feels that partnering with Platinum is a first step toward the needed stability required to move forward and aggressively support the success and further growth of the boating brands.  Mr. Huls has further stated that rebuilding confidence in the company throughout is a number one priority.  Prior to the acquisition, the challenges that faced the employees, suppliers, and dealers proved to be quite difficult, according to Mr. Huls.  However, with hard work and a renewed spirit of collaboration, he feels the entire organization will prosper as a whole.

Executives Leading Various Brand Operations

With more than 20 years already under his belt, Randy Hopper will oversee Stratos Boats, Ranger Boats and Champion, as well as continue on as President of Wood Manufacturing, a section set apart from the other brands.

Jeff Olson will be continuing as President of Four Winns and Wellcraft, while Mike O’Connell has been placed as the Presiden of Glastron Boats.

Platinum Equity has designed a more decentralized and flatter organizational structure, allowing for independence of the brand management teams – all the while without compromising any efficiencies.  The combination of seasoned industry veterans and the Platinum team will ensure reliable positioning to lead the brands, as well as the entire business into the future.

Completed Sale of Additional Assets

Platinum Equity has confirmed its completion of the acquisition of certain other assets from Genmar Holdings.  These assets were sold to J&D Acquisitions, LLC in a transaction that was announced on January 21, 2010.  J&D Acquisitions is controlled by Jean-Paul Dejoria and Irwin Jacobs.  Included in the assets sold were The Larson, Fincraft, and Seaswirl boat brands and the Little Falls, Minn. manufacturing facility attached to these brands; VEC Technology, LLC with facilities located in Greenville, Penn; the Seaswirl manufacturing facility and related assets located in Culver, Ore.; the Windsor Craft boat brand and its related assets; and the Triumph boat brand and its related assets.

Mr. Samson has expressed how pleased Platinum Equity is with the negotiations involving Irwin Jacobs and his team.  The entire process went quickly and efficiently.  Platinum Equity feels that the most logical owner of the assets should be J&D.  According to Mr. Samson, Irwin Jacobs has a passion for the boating industry and an extreme amount of loyalty to the Little Falls facility, the community, and its people.  With the current arrangement in place, the Little Falls facility can remain up and running, which will protect jobs for so many who many have otherwise lost their livelihood.  Platinum Equity is proud to have played a part in the final solution. sverige-info.