Platinum Equity has agreed to sell Fishing Holdings to Bass Pro Group. No financial terms were disclosed. Harris Williams advised Fishing Holdings on the transaction. Based in Flippin, Arkansas, Fishing Holdings is a maker of the Ranger Boats, Stratos and Triton fishing boat brands.
LOS ANGELES, CA (December 11, 2014) – Platinum Equity today announced the signing of a definitive agreement to sell Fishing Holdings, LLC, the Flippin, Arkansas-based manufacturer of the Ranger Boats, Stratos and Triton fishing boat brands, to Bass Pro Group, LLC.
The pending transaction is subject to regulatory approval and customary closing conditions. Financial terms of the agreement were not disclosed.
Platinum Equity acquired Ranger Boats and Stratos as part of a larger portfolio of boat brands in February 2010 from Genmar Holdings, Inc., through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. Triton was acquired from Brunswick in July 2010.
In addition to the add-on acquisition of Triton, Platinum Equity worked with the Fishing Holdings management team to execute a series of other growth and operational improvement programs, including: the development and launch of a line of aluminum boats that involved developing a completely new manufacturing site from the ground up; continued introduction of innovative new products across all brands and segments; strengthening of dealer relationships; and numerous improvements in manufacturing capabilities and overall operational efficiency.
Mr. Samson credited Fishing Holdings President Randy Hopper and the hard work of Fishing Holdings employees as the key driver of the company’s success.
“Randy is an exceptional leader, with a very talented executive team supported by a tremendous group of dedicated employees throughout the entire organization,” said Mr. Samson. “The business will be in very good hands going forward.”
Mr. Hopper expressed excitement about the future as part of the Bass Pro Shops family.
“We’re very fortunate to be partnering with an organization with so much understanding of the industry and our brands,” said Mr. Hopper. “This new alliance will provide synergies that will strengthen our independent dealer base and ensure our continued focus on fishing.”
“Nearly five years ago we pledged to provide the resources and support necessary to help the company grow and evolve, while respecting the heritage and deep roots in fishing that make it so special,” said Platinum Equity Partner Louis Samson, who led the acquisitions in 2010. “We achieved our goals and I am very proud of all that has been accomplished during our stewardship.”
In addition to generating operational benefits, the transaction will provide further enhanced services and products to better support Fishing Holdings’ existing dealer network and large base of customers worldwide.
Bass Pro Shops founder and CEO Johnny Morris said, “We’re excited about the association with these iconic brands. Ranger Boats founder Forrest Wood has been a longtime friend and someone who has made a tremendous impact on our industry. We look forward to building on such a rich history.”
According to Mr. Morris, after the transaction closes Fishing Holdings’ portfolio will continue to operate from its Flippin, Arkansas headquarters under the leadership of existing local management which boasts more than four decades of experience. He said the new partnership not only joins some of the industry’s most respected brands, but also provides greater stability and growth opportunities for Fishing Holdings’ independent dealer base.
“The business will continue to be operated independently by the same management team that has led it for many years,” added Mr. Morris. “Our goal is to provide the products and services necessary to fuel our collective growth.”
Fishing Holdings was advised by Harris Williams & Co. in connection with the transaction. Latham & Watkins acted as deal counsel.
About Platinum Equity
Founded by Tom Gores in 1995, Platinum Equity is a global investment firm with more than $7 billion in assets under management and a portfolio of operating companies that generated approximately $15 billion in revenue in 2013. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy the firm calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, information technology, telecommunications, transportation and logistics, media, equipment rental, metals and other industries. Over the past 19 years Platinum Equity has completed more than 150 acquisitions.
About Fishing Holdings, LLC
Fishing Holdings LLC, headquartered in Flippin, Ark., is the nation’s premier manufacturer of fiberglass and aluminum fishing boats, including the legendary Ranger Boats brand, as well as the Stratos and Triton boat brands. More details, product information and specific offerings can be found by visiting www.rangerboats.com, www.stratosboats.com and www.tritonboats.com.