Pouschine Cook Capital Management completed its recapitalization of Crownline Boat Co.
Pouschine Cook has partnered with Kevin Riem, the former vice president and general manager of Crownline, to acquire a majority ownership of the boat manufacturer. Riem has been named CEO.
Crownline’s founders Tim Claxton and Laura Claxton Eader retained a significant minority ownership and will remain active at the board level.
Crownline, based in West Frankfort, Ill., manufactures bowriders, deck boats, sport cuddy cabins and cruisers. The company employs more than 500.
“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,” Riem said in a statement.
Riem joined Crownline in 1998 as the dealer development manager. He began his career in the boating industry in 1990 when he joined Mercury Marine. During his tenure there, Riem held domestic and international sales and marketing positions.
“Kevin has been running Crownline for the last few years,” Claxton Eader said in a statement. “We have complete faith in Kevin and his abilities to lead Crownline in this next stage of growth and prosperity.”
Pouschine Cook manages more than $250 million of private equity. Past investments include MasterCraft Boat Co, a maker of ski and wakeboard boats.
Northstar Capital provided mezzanine and equity capital.