Irwin Jacobs buys back brands
by Media Services on 22 Jan 2010
Jacobs is clawing back some of his former company’s boat brands. MIAA
Founder and former CEO of Genmar, Irwin Jacobs is buying back the Little Falls boat factory and is also re-acquiring the Larson, Seaswirl and FinCraft boat brands.
The Minneapolis businessman announced that he has reached a deal with a private equity firm to buy back his Little Falls boat factory complex and the Larson, Seaswirl and FinCraft boat brands.
Financial terms of the transaction have not been disclosed. Genmar Holdings, which owned those assets, filed for bankruptcy in June 2009, and the Little Falls boat property and brands were auctioned off earlier this month.
But Jacobs said last Thursday that he and a business partner negotiated a transaction to acquire several of the Genmar assets from Project Boat Holdings, an affiliate of California-based Platinum Equity.
The deal covers many assets, including the Triumph boat company in North Carolina and the Seaswirl boat factory in Oregon.
The deal is expected to close late next week.
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