WAYCROSS, Ga. – Joseph I. Kirkland, III has joined with investors to form Carolina Skiff LLC, which has acquired the assets and business of Carolina Skiff, Inc., a manufacturer of durable, fiberglass sport and recreational boats, the company reported in a statement today. Terms of the transaction were not disclosed.
Kirkland, formerly president and CEO of Carolina Skiff, Inc., will remain in that role for Carolina Skiff LLC. Other members of management and all operations of the company will continue unchanged, according to the company.
Carolina Skiff said it plans to immediately increase production capacity by adding 100,000 square feet of manufacturing space during 2004.
“Carolina Skiff management, owners and investors intend to continue the growth of the company through internal expansion and through the addition of new models and product lines,” Kirkland said. “The formation of Carolina Skiff LLC represents an opportunity to be part of an exceptional company with a recognized brand name and an outstanding reputation for quality, value and customer satisfaction.
“We will conduct business as we always have, maintaining the values, standards and relationships of the past while taking the company into the future,” he added.
Wells Fargo Bank, Summer Street Capital Fund I LP, CS Cyclorama LLC, and Rand Capital provided additional funding for the acquisition and for upcoming expansion of the business.
Founded more than a decade ago, Carolina Skiff builds under the brand name Carolina Sea. Headquartered in Waycross, Ga., the company said it has a significant share of the fiberglass outboard boat market in the United States and is continuing to expand its national dealer base. The company also said it has a growing presence as a supplier of outboard engines matched to its boats.
Carolina Skiff produced more than 5,500 vessels last year in many sizes and designs, ranging in length from 14 to 28 feet.
- For more of the latest news, click here.