CADILLAC -- A California-based private equity firm is the new owner of Four Winns boat building plant.
The company confirmed Tuesday that it's been acquired by Platinum Equity LLC. Platinum was the winning bidder for around $70 million of assets of Four Winns' former parent company, Genmar Holdings Inc. of Minneapolis, which filed for bankruptcy protection last June. Genmar purchased Four Winns in 2001 through the bankruptcy of Outboard Marine Corp.
"What this is going to do for us is give our dealers the confidence that we have one of the strongest financial backings in our industry," said Rick Fulmer, Four Winns vice president of sales and marketing.
Fulmer said the company has continued operations both through Genmar's bankruptcy proceedings and the country's overall economic slowdown that's been tough on the boating industry. He's hopeful the change in ownership will result in new job opportunities at the company, but he declined to discuss specifics or disclose the current number of employees at Four Winns. The company employed around 800 workers four years ago.
Platinum took ownership of the Wellcraft boat line that was also part of Genmar's holdings. Wellcraft moved its operations into the Four Winns plant in Cadillac last year, Fulmer said.
Platinum Equity is based in Beverly Hills, Calif., and is among the country's largest private equity firms.
It was founded in 1995 by billionaire Tom Gores and has completed nearly 100 acquisitions of companies with aggregate annual revenue of more than $27 billion. Gores is a native of Israel who was raised in Michigan and studied real estate finance at Michigan State University.
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