MasterCraft Management Partners with Transportation Resource Partners and Charlesbank Capital Partners
August 17, 2007
MasterCraft, the world’s leading builder of water ski, wakeboard and luxury performance towboats, recently announced that management joined with Transportation Resource Partners (TRP) and Charlesbank Capital Partners to purchase the interest previously owned by US Equity Partner’s, an investment fund sponsored by Wasserstein & Co. This exciting new business relationship will provide MasterCraft invaluable resources to accomplish its aggressive five year growth plan.
“Without a doubt we have enjoyed a strong relationship with Wasserstein,” says John Dorton, MasterCraft president and CEO. “We believe that TRP, with lead investor Roger Penske, and Charlesbank are equally exceptional private equity firms who offer an ideal strategic fit to our business. Not only do they come to the table with a portfolio of companies that will help us continue to create breakthroughs in products, distribution and maximizing the consumer experience but the Penske name is synonymous with performance and competition.”
Roger Penske, Managing Director of Transportation Resource Partners, says, “MasterCraft has established an outstanding reputation for performance, quality and product innovation. We are pleased to have joined the MasterCraft team and look forward to supporting the company during the next phase of its growth.”
TRP, a $265 million private equity fund, plans to follow its well-proven investment philosophy and build a solid partnership with MasterCraft management without getting involved in the day-to-day execution of the business plan. TRP will also provide MasterCraft with a variety of contacts in both the strategic and financial arenas, as well as access to world-class business knowledge gained from over 100 years of expertise in areas such as transportation, operations, automotive engineering, product development and distribution.
Charlesbank Capital Partners, a middle-market private equity investment firm managing approximately $1.5 billion of capital, is also pleased with this recent acquisition. “MasterCraft is an outstanding company with consistently strong financial performance, one of the industry’s most respected management teams and a reputation as an excellent innovator,” says Andrew Janower, Managing Director at Charlesbank. “We have partnered successfully with TRP in the past, and now we look forward to putting our combined strength behind the preeminent MasterCraft brand to help the company capitalize on its many opportunities for growth.”