"Genmar was a sinking ship that Irwin Jacobs couldn't save, and I don't believe he'll stick around to fix a listing tournament organization. Genuine concern should be there from everyone in the sport for employees and families that depend on that league, because as I see it, the next big sale in fishing could in fact be FLW Outdoors."
http://www.bassfan.com/news_article.asp?id=3490
This might not be a bad thing for the non ranger boat owning FLW participants.....time will tell.
I have realy wanted to see the strong arming to be a ranger owner if you fish FLW stopped!
i don't care if it's ranger/skeeter or basscat i just would like to see the trend continue with tournaments that have a vested interest....to sell boats.....
I pesonally think this will be good for ranger as the article said "platinum equity has very deep pockets"
and i totally agree....this is going to be very interesting.......my geuss is FLW will be for sale ???
I hope they keep Stratos and Champion, or sell them and not just close them down. I've heard Platinum is known for downsizing and streamlining to get back to profitability.
From another article:
"Revenue estimates for Genmar totaled $460 million for the 12 months ended in June, down from about $1 billion in calendar year 2007. "
That's a BIG hit to take!
Having been directly impacted by buy-outs of this type myself. These poor folks could be in for a rough ride, especially if Platinum is a public traded company. All companies need to be profitable, most take it to a new level, citing stock holders as the culprit. Often, I think it is more ego. They incite competition among the upper management of each company to move that EBITDA % up one more point. Often at the expense of the persons that brought them were they are at. One day I couldn't take the treachery any more and got out, blood pressure dropped 30 points in two weeks. I hope the FLW survives, but I see that Stren has pulled their sponsorship of the AAA circuit. We need competing tournaments and boat lines to keep them all in check and provide a better product for us all. Prayers and good luck to all those families.
Platinum is a slash and cut company. They were the company that took over the GM side of things in Flint. They bought and sold Buick, AC/Delco & Fisher Body to name just a few. They closed a ton of GM plants, cut saleries and laid off workers in the process.
The truth is this company cuts costs, makes what it can sell profitable, sells what it can and parts out what it can't.
Ranger & Stratos are a small portion of the Genmar pie but they are profitable and should be sold to the highest bidder. Champion on the other hand is not profitable and has not been for some time. I highly expect that Champion is done. Who will buy them and what they will do with them remains to be seen. How will this effect Warranty claims, new boat orders, future boat construction, tournament rewards programs, etc? What if Platinum cheapens the product lines to make them more profitable? These are all good questions we will have to wait at least a year to find out.
How will this effect Tournaments and FLW in general? That is the real question I want to know... I suspect that the FLW/Ranger relationship could come to an end in a year or two. I highly doubt we will see any changes this season. Is this a bad thing? I don't think it is... As a TBF member it could mean each state can seek out it's own contract. That would be a good thing in mind. It could mean that Platinum will feel the need to strengthen the Ranger FLW bond to make it more appealing for sale. Only time will tell but competition for FLW could be a good thing in the long run for Tournament anglers.
This is going to be a really important 12-24 mos. in the tournament scene! With more insight into FLW, they just ran an interesting article about Koby Kreiger and Craig Powers and their frustration with FLW and the pro-teams. Interesting and I believe FLW will be sold soon.
While some of these super companies are buying up failed boat manufacturers, I can only hope the small and intermediate companies can hold on, or even buy companies that are sold off individually.
Getting some of the good brands back to a smaller business could help to improve product.
Strictly profit driven boat construction doesn't usually manifest the best possible boats.
Anyone notice the unusual amount of FLW guys fishing the BASS southern open? I wonder if they know something we don't or if its just a coincidence?
I'm going to predict that Irwin Jacobs ends up with Ranger and some of the other boat companies before this is all said and done.
Quote from: TCook on January 15, 2010, 12:27:39 PM
Anyone notice the unusual amount of FLW guys fishing the BASS southern open? I wonder if they know something we don't or if its just a coincidence?
i did
There is an FLW Series event on Okeechobee this coming week. Lots of the FLW guys fish the Opens or Strens if there is one the week before a Series or Tour event since they're already down there practicing.