Crownline is "Recapitalized"...


Crownline Boats, who has been one of the fastest growing boat companies during the last 15 years, has changed hands. Pouschine Cook Capital Management, based in New York, announced Tuesday, April 3rd, that it had 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 boat builder.

Riem has now assumed the role of chief executive officer of Crownline, a joint announcement said.

"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."

Crownline was founded in 1991 by Tim Claxton and Laura Claxton-Eader. The two have retained a significant minority ownership position in the company and will remain active at the board level.

"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."

Riem joined Crownline in early 1998 as the dealer development manager, and has risen through the company ranks. He began his career in the boating industry in 1990 when he joined Mercury Marine.

During his tenure at Mercury Marine, Riem held domestic and international sales and marketing positions.

Everett Cook, co-founder of Pouschine Cook, said several key elements played into the acquisition.

"Pouschine Cook was attracted to Crownline due to the strength of its brand and dealer network and the strength of its management team and performance of its employees," Cook said.

Geoff Teillon, vice president of Pouschine Cook, cited positive developments that will be seen in the immediate future.

"We expect to leverage our experience with MasterCraft Boat Co. to further develop Crownline's product offering, improve communications with dealers and enhance the consumer's total Crownline experience," Teillon said.

Crownline produces boats 18 to 34 feet in length. According to Riem, the company has been a major presence in all of its market segments, which include bowriders, deck boats, sport cuddy cabins and cruisers.