FLIPPIN, Ark. (AP) — A private equity firm closed Tuesday on the purchase of Wood Manufacturing Inc., the maker of Ranger Boats, whose factory in Flippin is the largest employer in Marion County.
The purchase of Minneapolis-based Genmar Holdings Inc. was approved last month in U.S. Bankruptcy Court, clearing the way for Platinum Equity of Beverly Hills, Calif., to buy Wood and other boat lines owned by Genmar.
The companies did not disclose a purchase price.
Genmar earlier said that before the recession sales had been at between $1.1 billion and $1.2 billion annually.
Genmar was caught in the financial collapse in 2008, when the credit markets went into crisis. Less financing was available to customers and the ensuing recession put further pressure on recreational boat sales.
The factory in Flippin employed 850 workers in 2008 but is down to about 440 employees.
Wood Manufacturing was founded by Forrest L. Wood in 1968 and produces Ranger bass boats, a leader in the category.
Wood said he supported the buyout and will continue to be affiliated with the company.
“It’s great to see this partnership promoting so many unique opportunities,” Wood said. “Building the best product and encouraging increased participation in a sport for all ages have always been our goals, and we all look forward to a thriving relationship with our new partner.”
Platinum Equity says Randy Hopper will continue to serve as president of Wood Manufacturing and will oversee production in Flippin of Ranger, Stratos and Champion boats. Hopper has led Wood for more than 20 years.
The acquisition also includes the Wellcraft, Four Winns and Glastron boat brands, with factories in Cadillac, Mich., and Murfreesboro, Tenn.
“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, a principal with Platinum Equity. He said the firm intends to put the brands “on a path toward long-term growth and profitability.”
