Jacobs buys back more Genmar assets
January 22, 2010
Filed under Market Outlook
MINNEAPOLIS — After purchasing yacht builders Carver and Marquis earlier this month at the Genmar bankruptcy auction, Irwin L. Jacobs has acquired more former Genmar properties, according to a release from his company, J&D Acquisitions LLC.
Through J&D Acquisitions, which he formed with John Paul DeJoria of Paul Mitchell hair products, Jacobs purchased several Genmar businesses and assets from an affiliate of Platinum Equity, which acquired the bulk of Genmar's former assets at auction.
The assets being purchased by J&D from the affiliate (Project Boat Holdings LLC) include the Larson, Seaswirl and FinCraft boat brands, along with the Little Falls, Minn., Larson Boat factory and its molds, equipment, property, plant and inventories associated with all three brands.
Additional purchases include VEC Technology Inc., located in Greenville, Penn., and all of its property, plant, equipment, and inventory as well as VEC’s patents and copyrights; the Triumph Boat Co. in Durham, N.C., its brand, factory, equipment, patents and copyrights, molds and inventory; the Seaswirl Boat factory in Culver, Ore.; Windsor Craft assets; and several other miscellaneous assets.
“I’m very pleased that, after completion of the bankruptcy auction and approval process, we were able to negotiate an acceptable transaction with Platinum that will allow us to be able to keep the Larson Boat factory in Little Falls open and continue to build some of the finest recreational boats in the world," Jacobs said in the release. "It is my hope that over time we’ll be able to bring back many, if not most, of the Larson Boat factory employees who’ve been laid off over the past 18 months.”