Larson Boats, part of J&D Acquisitions, was recently named "outstanding enterprise" by the Initiative Foundation.
Since 2000, the foundation has been presenting Initiative Awards honoring outstanding leadership and community service in central Minnesota.
Winners receive a specially commissioned, recycled-glass sculpture and $1,000 for the charity of their choice.
The foundation noted that Larson "has been an economic cornerstone and a symbol of Minnesota manufacturing for decades, but the economic recession impacted the recreational boat industry so deeply that it was on the brink of closing its doors. This would have been a crippling blow to the local economy, especially in the wake of the Crestliner and Triton Boat plant closings."
In 2009, the foundation partnered with four other lenders to provide emergency financing that saved 170 quality jobs, it added.
"Today, the employees have led the company to a slow but steady turnaround by retooling its product lines and focusing on higher-end consumers," the foundation said.