Jacobs wants to buy Genmar back

MINNEAPOLIS — Irwin Jacobs told the Minneapolis Star Tribune on Tuesday that he expects to be the high bidder for Genmar Holdings Inc., which is now up for sale, according to a report in the Tribune.

Jacobs told the Tribune his plan would be to acquire essentially all of Genmar, and he said he would also would wind up owning more than 90 percent of the stock of VEC Technology, which has a high-tech process for manufacturing fiberglass boats that and was not included in the bankruptcy filing.

Genmar began looking for buyers after being unable to reach an agreement with the company’s unsecured creditors after filing for Chapter 11 bankruptcy in June. The paper said Genmar, with the help of adviser Houlihan Lokey Howard & Zukin Capital Inc., has been looking for buyers since August. Houlihan received 12 bids and narrowed those down to one unnamed interested bidder.

To read the paper’s complete report, click here.

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