Platinum Equity has won the majority of assets of Genmar Holdings Inc., a Minneapolis-based boat manufacturer, via a bankruptcy auction. Platinum will pay $70 million.
Genmar Holdings, Inc. today announced that all of its assets have been sold in accordance with an auction process under Section 363 of the Bankruptcy Code.
Multiple bidders were involved in the auction process that was conducted by Houlihan, Lokey, Howard and Zukin Capital, Inc. The highest bidders for the assets were as follows: (1) Platinum Equity’s acquisition of essentially all of the assets except those otherwise acquired for $70 million; (2) J&D Acquisitions, LLC’s acquisition of Carver/Marquis for $6.05 million; and (3) MCBC Hydra Boats, LLC’s acquisition of Hydra-Sport for $1 million. The sale transactions are subject to approval by the Bankruptcy Court, which is scheduled for hearing on January 13, 2010. The closing date of the transactions is scheduled for January 20, 2010.
“We are pleased with the results of the auction process and look forward to bringing closure to this transaction so that the businesses can refocus their energies and resources on sales and service, without the inherent distractions of being in bankruptcy,” said Mark W. Sheffert, Chairman and CEO of Manchester Companies, Inc., who is the Chief Restructuring Officer of Genmar Holdings, Inc.