MINNEAPOLIS, Feb. 2 /PRNewswire/ -- Genmar Holdings, Inc. today announced that it closed on the sale of its remaining boating-related assets including Ranger, Stratos, Champion, Wellcraft, Four Winns, Larson, and Glastron, as well as a number of manufacturing facilities and certain other non-core assets. Platinum Equity of Beverly Hills, California acquired the assets following an auction process conducted by Houlihan, Lokey, Howard and Zukin Capital, Inc. ("Houlihan Lokey") pursuant to Section 363 of the U.S. Bankruptcy Code.
Genmar previously completed the sales of Genmar Yacht Group to J& D Acquisitions, LLC and its Hydra-Sports brand to MCBC Hydra Boats, LLC. "Completing the asset sales quickly was critical to the buyers in preserving the value of the brands they acquired. They can now refocus the brands on their future rather than being mired down in the bankruptcy process," said Mark Sheffert, Chairman and CEO of Manchester Companies, Inc. and Chief Restructuring Officer of Genmar.
Houlihan Lokey represented Genmar as its Financial Advisor and Fredrikson and Byron served as legal counsel for the Company.
SOURCE Manchester Companies, Inc.
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