Pouschine Cook Capital Management, LLC Recapitalizes Crownline Boat Company
WEST FRANKFORT, IL -- (MARKET WIRE) -- April 11, 2007 -- Pouschine Cook Capital Management, LLC
today announced that it has completed a recapitalization of Crownline Boat
Company, a leading manufacturer of 18 to 34 foot bowriders, deckboats,
sport cuddy cabins and cruisers. Pouschine Cook has partnered with Kevin
Riem, Crownline's Chief Executive Officer, to provide growth capital and
acquire a majority ownership position in Crownline. Crownline's founders,
Tim Claxton and Laura Claxton Eader, have retained a significant minority
ownership position in the company and will remain active at the board
level. Pouschine Cook's investment follows its prior success with
MasterCraft Boat Company, a leading ski and wakeboard boat manufacturer.
"We are excited to partner with Pouschine Cook," said Kevin Riem, Chief
Executive Officer of Crownline, "Pouschine Cook has a track record of
improving its investments' operations and making prudent capital
expenditures to support growth, ultimately leading to stronger businesses
and larger workforces."
"Pouschine Cook was attracted to Crownline due to the strength of its brand
and dealer network and the strength of its management team and performance
of its employees," said Everett Cook, a Co-Founder and Managing Member of
Pouschine Cook. "Kevin Riem is a dynamic leader and innovator in the
marine industry," said Geoff Teillon, a Vice President of Pouschine Cook,
"We expect to leverage our experience with MasterCraft Boat Company to
further develop Crownline's product offering, improve communications with
dealers and enhance the consumer's total Crownline experience."
Northstar Capital provided mezzanine and equity capital for the
recapitalization. Churchill Financial LLC and ING Capital LLC were the
Co-Lead Arrangers for the senior credit facility. GE Antares Capital
participated in the senior credit facility and Tricadia Capital committed
to participate in the senior credit facility. Crownline Boat Company was
advised by McColl Partners LLC and Durham Jones & Pinegar. Schulte, Roth
and Zabel LLP represented Pouschine Cook.
Crownline Boat Company. Crownline Boat Company was founded in 1991 and has
grown to become one of the most recognized names in the boating industry
today. Crownline produces boats 18 to 34 feet and has a major presence in
all of its market segments which include bowriders, deckboats, sport cuddy
cabins and cruisers. Crownline and their staffing partners employ in excess
of 500 people.
Pouschine Cook Capital Management, LLC. Pouschine Cook Capital Management,
LLC manages over $250 million dollars of private equity. Pouschine Cook
invests in proven, private, middle-market companies that are leaders in
their niche. As seasoned investment professionals with significant
operating, corporate development and corporate finance experience,
Pouschine Cook's professionals are active investors who work closely with
management and shareholders to build equity value. Pouschine Cook's past
and present investments include MasterCraft Boat Company, Ampac Packaging,
Fantastic Sams, Harlem Furniture, Interplan Health Group, Doe & Ingalls and
A World of Tile.