|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
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
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
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