SEATTLE – Madison Bay Holdings, Inc., a holding company engaged in leisure product manufacturer acquisitions and mergers, has entered into an agreement to secure the exclusive international and U.S. distribution and marketing rights for Fish-Rite Boats, Inc., the company said in a press release Wednesday. Under the agreement Madison Bay Holdings will provide business development services and direct sales services to expand the distribution of Fish-Rite Boats in the United States, Canada and internationally. The agreement was entered into on June 12, 2006 and Madison Bay Holdings and Fish-Rite have been working to execute the plan to expand and increase the sales and profits of Fish-Rite and Madison Bay Holdings.
Under the terms of the agreement Madison Bay Holdings will provide services and receive continuing fees and commissions as sales are generated. Madison Bay Holdings is assisting with new boat development, distribution network expansion on an international basis and additions and increases to the financial structure of Fish-Rite.
“Madison Bay Holdings has had the opportunity to work with some of the best boat builders and manufacturers in the world and there is no doubt that Fish-Rite is one of those companies,” said Ricardo Ruelos, Madison Bay chairman and CEO.
“The management is strong and the [founding] Dorsey family is committed to building a quality product and company backed by a strong business ethic and service,” Ruelos continued. “Madison Bay Holdings is looking forward to a long lasting relationship and continuing business increases for both companies.”
“We are familiar with the experience and previous projects that Madison Bay Holdings and Ricardo have been involved and have already seen significant results and improvements to our company in only a few short months of involvement with Madison Bay Holdings,” said JD Dorsey, Fish-Rite CEO. “We continue to execute and plan both short term and long term future projects with Madison Bay Holdings and expect that our relationship will become more involved as we continue our efforts.”
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