Marine Accessories Corporation

FOR IMMEDIATE RELEASE
February 13, 2001
 

 

NEW VP TO HEAD MARINE ACCESSORIES CORP’S TOWER BUSINESS

Appointment of Rick Correll Shows Dedication to Tower Business Development

PHOENIX, Ariz.—February 13, 2001: After the recent acquisition of Xtreme Marine of Loudon, Tennessee, Marine Accessories Corporation of Phoenix, Arizona is demonstrating a dedicated focus to its growing marine tower business with the appointment of Rick Correll to Vice President and General Manager of Marine Accessories Corporation’s tower business.

Marine Accessories Corporation (MAC) is a niche marine accessories manufacturing company with products that include boat covers, bimini tops, custom enclosures, T-tops, half towers, wakeboard towers, and high quality boating, fishing and boat trailer accessories. Great Lakes Boat Tower Company and Xtreme Marine are the two marine tower manufacturing companies under the MAC umbrella to be overseen by Correll.

Following the November 2000 opening of a new 12,000 square foot Great Lakes Boat Tower production facility in LaVergne, Tennessee, MAC’s early December 2000 acquisition of Xtreme Marine was an instrumental move in the company’s visible focus on growing its tower business. The appointment of a new Vice President and General Manager to oversee the entire tower division is a telling sign of the company’s mission to secure a leadership position in the marine tower segment.

“It is very important to us to keep the companies under our umbrella in-tact, while leveraging combined synergies to create strong market positions for each one of our divisions,” explains Rick Reyenger, CEO of Marine Accessories Corporation. “Bringing Rick Correll aboard allows Xtreme Marine and Great Lakes Boat Tower to maintain their operations and customer service to existing clients, while benefiting from the resources, expertise and leadership of Marine Accessories Corporation.”

Newly appointed Rick Correll has a proven track record for affecting significant improvements in growth and productivity, cost reduction, and customer service overseeing various divisions of manufacturing firms in the marine industry, including his recent position as Vice President of Operations and Manufacturing at Parts Unlimited, Inc. of Edgewater, Florida. Correll’s resume boasts other well-known marine industry players such as Mercury Marine of Fond du Lac, Wisconsin, and U.S. Marine/Bayliner of Arlington, Washington.

“Marine Accessories Corporation is at a pivotal juncture in setting the stage for its future tower business,” explains Rick Correll. “Wayne Hartford, Tony Williams and Todd Box are very knowledgeable and highly experienced managers in the tower business. Now, with dedicated leadership overseeing the entire division, I am confident that we can work as a team to accelerate growth, expand geographic reach, and take customer service, product offerings and quality to the next level. MAC is set to become category leader in the marine tower niche.”

Xtreme Marine is a leading manufacturer of wakeboard arches for tournament ski boats and other tower products for the marine industry. Wayne Hartford is the President of Xtreme Marine, and Tony Williams is the Vice President and Plant Manager.

Great Lakes Boat Tower Company is a producer of T-tops, half towers and wakeboard towers for the marine industry. The company was formed by MAC in August 1999 with the acquisition of Todd Box Management, Inc. d/b/a Pipe Dreams of LaVergne, Tennessee. D. Todd Box is the President of Great Lakes Boat Tower Company.

Prospect Partners formed Marine Accessories Corporation in 1998 with Westland Industries, Inc., a Phoenix-based manufacturer of boat covers and bimini tops. Prospect has since nurtured the growth of the company through internal restructuring and a series of acquisitions, including Great Lakes Boat Top Company, Todd Box Management Inc. d/b/a/ Pipe Dreams, Fentress Marine Corporation, The Boatswain’s Locker, Inc. and Xtreme Marine.

Together, Prospect Partners and Marine Accessories Corporation are seeking to acquire other well established, privately owned manufacturers of niche marine products to bring under the MAC umbrella.

Prospect Partners, LLC of Chicago manages a $105 million private equity fund focused on management-led leveraged acquisitions and providing growth capital for lower middle market businesses with niche strategies.

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MORE PRESS RELEASES
December 5, 2000
Marine Accessories Corporation Acquires Xtreme Marine
November 6, 2000
Great Lakes Boat Tower Company Opens New Production Facility.
September 19, 2000
Ex-Boston Whaler execs take helm of Marine Accessories Corporation.
May 16, 2000
Marine Accessories Corporation subsidiary acquires Fentress Marine.
July 1, 2000
Marine Accessories Corporation Subsidiary Acquires Assets of The Boatswain's Locker, Inc.
September 1, 1999
Marine Accessories Corporation acquires Pipe Dreams.
May 28, 1999
Great Lakes Boat Top Co. merges with Marine Accessories Corporation.
October 5, 1998
Westland Industries, Inc. Merges with Marine Accessories Corporation.