USA -

Today, after more than six months of speculation and anxiety, we may finally discover what will happen with one of the biggest brands in boating and fishing.

A bankruptcy auction hearing in Minnesota for the assets of Genmar Holdings come at a time when the fishing industry needs a good boost. Or maybe a kick in the pants. Something other than more distressing news about the economy, for sure.

Of course, this auction proceeding is rooted in the economy. We know those facts and the things that have happened. It's not just in the boating and outdoors industry, either. The recession has impacted virtually every industry in some way, from the mega-companies to the Mom 'n Pop retailers in towns across the land.

Genmar's wide net is known primarily for its boating brands, with Ranger Boats the gem of the crew. Begun humbly in the Arkansas mountains decades ago, it grew heartily with the rise of tournament and recreational fishing to international acclaim for reliability, innovation and consumer loyalty.

Genmar co-owner Irwin Jacobs tied his economic model of selling Ranger boats to the Operation Bass tournament series he bought and transformed into the family of FLW Outdoors circuits. At the top is the FLW Tour, the highest level of professional fishing in the family. Financial incentives to tournament anglers who purchased or ran Ranger boats, and other associated sponsors, further helped propel the brand into the forefront of consumer awareness after its years of success and growth with the rival Bassmaster series.

Jacobs and another investment firm, Platinum Equity, are bidding for Genmar's assets, either in whole or in pieces. No one knows for certain whether the company will survive intact or some lines will be shuttered, or sold off piecemeal by the new owner. Jacobs is a savvy investor with decades of experience in these kinds of deals, and Platinum Equity is no shrinking violet, either. If this were a boxing match it would be Ali-Frazier or maybe Paquiao-Hatton ... two grizzled veterans eyeing the prize, studying the lay of the land and waiting to strike.

Because of the Ranger ties with the FLW family, the fishing industry is waiting as well with a mix of trepidation and, probably in honesty, with some fear. The belief is the FLW circuits would march along with the continued association, with tournaments beginning today in Texas and next week in California. The FLW Tour begins a month from now.

But no one knows what will happen should Platinum Equity win the auction and take control of Ranger Boats. Would it end the relationship with tournament fishing? Doubtful, because it's a venue to sell the product as Jacobs has so masterfully guided for all these years. But it's possible, of course. Platinum could begin trimming. No one knows, and that's where part of the uncertainty is based.

My gut feeling is in either case, the relationship would continue. It wouldn't make sense for Platinum to disregard anything that might hurt sales after two years of plummeting revenues. If Platinum does win the prize, I suspect strongly that Jacobs would attempt to continue some kind of association. And if Jacobs emerges as the owner, as many believe he will, it would stand to reason things would rock on along between Ranger and FLW as everyone exhales in relief.

Fishing is big business, whether it's for sales of cane poles and crappie jigs or tournament-rigged bass boats with speedy outboards and thousands of dollars worth of rods, reels, line and lures. Fishing turns over billions annually to the economy, even in tough times. People are always going to fish, from a bank or a boat, no matter what.

Maybe today we'll have a bit of positive news to provide some warmth in this crazy Arctic weather gripping the nation. We certainly don't need another cold chill adding another shiver to our liver.

-- Alan Clemons
The Fishing Wire

Read original story