Ranger Boat Company up for sale
Category: press release
Sep 29th, 2014 by OutdoorsFIRST
Modified Sep 29th, 2014 at 12:00 AM
Platinum Equity has put Ranger Boats up for sale, three sources said.
Harris Williams is advising on the process, the sources said. Ranger Boats produces $25 million EBITDA, one of the sources said. Platinum is seeking bids of 10x, a second person said.
The auction has held a first round, which included strategic and financial sponsors, the first source said. The process has moved to the second round with bids due in October, the person said.
The process has encountered problems, the other two sources said. “It’s a great brand name in fishing boats but a steep price tag for that industry given its cyclicality and spotty history,” one of the persons said.
The first source maintains that the auction is “robust.” Both strategics and sponsors are moving to the second round, the first person said.
Read more at PE HUB: http://www.pehub.com/2014/09/platinum-equity-seeks-buyer-for-ranger-boats/