SOURCE: Charlesbank Capital Partners

October 04, 2007 12:46 ET

Charlesbank Capital Partners and Transportation Resource Partners Acquire MasterCraft Boat Company

BOSTON, MA--(Marketwire - October 4, 2007) - Charlesbank Capital Partners and Transportation Resource Partners announce the acquisition of MasterCraft Boat Company, in partnership with management. Based in Vonore, TN, MasterCraft is a premier builder of water ski, wakeboard and luxury performance powerboats. Debt financing for the transaction was arranged by Jefferies and Company. Terms were not disclosed.

For 40 years, MasterCraft has defined the high-performance inboard sport boat market, serving as the official tow boat of the most prestigious water ski and wakeboard tournaments worldwide. The company features a variety of inboard boats ranging from 19-foot world-record-class water ski boats to 28-foot luxury cruisers. It offers a diverse product line covering both the freshwater and saltwater markets. Numerous awards over the years highlight the continued industry respect for MasterCraft and its products, including, most recently, the Water Sport Industry Association's "Manufacturer of the Year" (2006 and 2007) and #1 ranking in Inboard Ski/Wakeboard Customer Satisfaction from the National Marine Manufacturers Association. MasterCraft sells boats through a network of more than 170 dealers in North America and throughout the world.

MasterCraft's President & CEO, John Dorton, a 12-year veteran of the company, says, "We believe that Charlesbank and TRP are both exceptional private equity firms and ideally suited as our financial partners. We expect them to be an invaluable resource in supporting our expansion plans, in helping us achieve new synergies and in building on the track record and brand name we have established over the years."

Roger Penske, Managing Director of Transportation Resource Partners, says, "As a company, MasterCraft stands out for its performance, quality and product innovation. We look forward to a long relationship with the MasterCraft team and are excited to support the company as it continues to grow."

"MasterCraft is a first-rate company with consistently strong financial performance, a highly respected management team and brand, and an excellent record of innovation," says Andrew Janower, a Managing Director at Charlesbank Capital Partners. "Charlesbank has partnered successfully with TRP on previous transactions, and we are now ready to put our combined strength behind MasterCraft to help the company capitalize on its many opportunities for growth."

Lazard advised MasterCraft on the transaction.

About Charlesbank

Charlesbank Capital Partners is a middle-market private equity investment firm managing approximately $1.5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $25 million to $100 million per transaction in companies with enterprise values of $50 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Charlesbank is currently investing through Charlesbank Equity Fund VI, a $900 million fund. For more information, visit www.charlesbank.com.

About Transportation Resource Partners

Transportation Resource Partners, LP is a $265 million private equity fund that makes leveraged investments in growth-oriented companies operating in the transportation and transportation services industries. TRP's philosophy is to identify attractive investment situations where it can work in partnership with management to support growth. TRP's principals have extensive operating and investing experience in the transportation industry. TRP, along with its predecessor fund, Penske Capital Partners, has been responsible for managing over $600 million of equity capital. For more information on TRP, please visit www.trpfund.com.

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