Alumacraft Boat Co., the maker of aluminum boats based in St. Peter, Minn., has been purchased by Corinthian Capital Group LLC, a private equity firm headquartered in New York.
Corinthian Capital has nine companies in its portfolio -- mainly niche manufacturing, distribution and service businesses but none in the boating industry. Terms of the deal, which closed Dec. 30, were not disclosed.
"The current management of Alumacraft has worked together for over 10 years and has over 80 combined years in the marine industry. Together with our prior owner, Dave Benbow, Alumacraft has built a strong legacy in the boating community," James Irwin, president of Alumacraft, said in a statement Tuesday. "Corinthian Capital shares the same strong commitment to employees, quality manufacturing and growth."
Irwin said finding a partner who understood the fishing and boating industry in Midwest was key. No significant management changes are expected, he added. Alumacraft, which has about 200 employees, has been manufacturing aluminum boats, john boats and canoes since 1946.
Benbow, who died in June 2010, was a 24-year veteran of Alumacraft when he bought the company in 1998. Alumacraft is among a trio of Minnesota- based aluminum boat makers, including Lund Boat Co. and Crestliner. Brunswick Corp. of Lake Forest, Ill., now owns Lund and Crestliner.
Brian Holcomb, a managing director with the Minneapolis-based investment banking firm Greene Holcomb & Fisher, represented Aluma- craft in the sale. Holcomb said the Benbow family was looking to sell the company for estate planning purposes.
"The Benbow family was looking for a partner that would continue the legacy of David Benbow and maintain its commitment to the employees and St. Peter," Holcomb said.
Alumacraft is the largest manufacturing employer in St. Peter.
