WEST FRANKFORT, Ill. – Pouschine Cook Capital Management, based in New York, has completed a recapitalization of Crownline Boats and has entered into a partnership with Kevin Riem, who previously had served as vice president and general manager for the Illinois boat builder, The Southern Illinoisan newspaper reported in a recent story.
Riem has now assumed the role of chief executive officer of Crownline, the company reported in a separate press release.
“We are excited to partner with Pouschine Cook,” Riem said. “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.”
Tim Claxton and Laura Claxton-Eader, who founded Crownline in 1991, have retained a significant minority ownership position in the company and will remain active at the board level, the newspaper reported.
“Kevin has been running Crownline for the last few years,” Claxton-Eader said. “Tim and I will stay involved at the board level. We have complete faith in Kevin and his abilities to lead Crownline into this next stage of growth and prosperity.”
The new owners say that Crownline’s 500 employees will not be affected and the transition period will be “business as usual,” the Illinoisan reported.
Geoff Teillon, vice president of Pouschine Cook, was quoted as saying that Crownline’s product offerings will be further developed, communications with dealers will be improved and the consumer’s “total Crownline experience,” will be enhanced.
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