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Charlesbank Capital Partners and Transportation Resource Partners Acquire MasterCraft Boat Company
| Source: Charlesbank Capital Partners
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.