MasterCraft sale should not lead to big changes

BOSTON – MasterCraft Boat Co., is in the process of being acquired by private equity firm Charlesbank Capital Partners and private equity fund Transportation Resource Partners from US Equity Partners, an investment fund sponsored by Wasserstein & Co., Charlesbank said in news release Wednesday.

However, the acquisition – which should be completed this fall – will not mean any “major visible changes” at MasterCraft’s Vonore, Tenn. plant, company president and CEO John Dorton told The Monroe County Advocate in a story published on the newspaper’s Web site this morning.

Dorton said the plant will stay in Vonore and will likely add employees due to booming international sales and its saltwater line, the newspaper reported.

“The entire management team will stay intact,” Dorton told the newspaper, adding that there will be no company name change.

Dorton also said he expects business to double for MasterCraft during the next five years and with this deal the company will have the financial backing to meet its goals.

Roger Penske, managing director of Transportation Resource Partners, said in the press release, "MasterCraft has established an outstanding reputation for performance, quality and product innovation. We are pleased to have joined the MasterCraft team and look forward to supporting the company during the next phase of its growth."

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Andrew Janower, managing director of Charlesbank Capital Partners, also commented on the acquisition in the release, saying, “MasterCraft is an outstanding company with consistently strong financial performance, one of the industry's most respected management teams and a reputation as an excellent innovator. We have partnered successfully with TRP in the past, and now we look forward to putting our combined strength behind the preeminent MasterCraft brand to help the company capitalize on its many opportunities for growth."

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