Genmar Assets for Sale, Irwin Jacobs Potential Buyer

Genmar Holdings Inc. has informed its dealers that it is planning to sell its assets, and that one potential buyer is company Chairman and CEO Irwin Jacobs.

“Genmar and its boat brands and facilities have been evaluated by numerous very well capitalized investors and there has been a very strong level of interest (including from Irwin L. Jacobs),” wrote President and COO Roger R. Cloutier in the letter dated October 30. “All work by the various investors is being condensed into extremely focused efforts now that will result over the next few weeks in a much clearer direction for Genmar, and for the numerous interested parties. These extremely focused efforts have resulted in the conclusion that a sale of Genmar's assets will result in the most favorable outcome for the interested parties, including our dealers. The company is taking actions, including the filing of certain Bankruptcy Court motions that are necessary to ensure this asset sale process is effected as timely and efficiently as possible in order that Genmar and its boat businesses can continue to move forward positively.”

“I've become a buyer of the company,” said Irwin Jacobs in an interview with Boating Business. “I've had to separate myself from the present situation in order to get that done. Obviously Genmar is in bankruptcy and everything has to be done a certain way.”

According to Jacobs he's pursuing “basically the entire company, for the most part.”

Cloutier has indicated that Genmar is seeking investors with the necessary capital to effectively support the boat businesses purchased to ensure the short- and long-term success of the brands and their dealers.