Ranger did not sell them self. Not possible when Ranger did not own Ranger. An investment company Platinum Equity bought Ranger's parent owner Fishing Holdings LLC under bankruptcy restructuring in 2010.
What I am about to write is purely my opinion based on a little bit of research I did looking into this situation and is merely my take on things based on information found online in various places.
I did some checking in and around the local area of Flippin, Arkansas from news outlets to forum discussions and from what I can gather is that back in 2010 Ranger was bankrupt and allowed to restructure and the three men who resigned were at the head of the restructuring plan and bringing Ranger out of bankruptcy and back into a growing profitable company.
I suspect that Mendel Hughes, Vice President of Finance, was the go between man overseeing all the details of the recovery on behalf of the investment company who purchased Fishing Holdings.
When Platinum Equity bought Fishing Holdings, they had to provide a substantial financial boost to the company as well as provide critical financial restructuring information and planning. So I suspect that Mendel Hughes was the man more or less operating as overseer and implementer of the restructuring plan for Ranger.
But, the company was apparently sold out from under them to Bass Pro by their parent holding company wanting to get their investment back and then some.
And this is where things made a turn for the worse it would seem.
From what I was reading online, when Bass Pro closed the deal to purchase Ranger from the parent holding company, Bass Pro sent a team to meet with these Ranger executives to go over facts and figures and for Bass Pro to sort of lay the new law down to the Ranger executives. But, Bass Pro CEO Johnny Morris did not go to this meeting. He sent underlings instead. Underlings who probably were not in a position to negotiate with the Ranger executives.
One thing that is interesting to note in this deal is that Johnny Morris said even though Bass Pro is outright purchasing Ranger, there are no plans to sell Ranger through Bass Pro:
" Bass Pro Shops and Tracker to help strengthen the Ranger brand and your business. At the same time we respect the need to maintain independence and brand integrity, and in that regard, we have no plans to sell Fishing Holdings brands (Ranger, Triton, Stratos) through Bass Pro Shops stores"
Apparently before Bass Pro purchased Ranger's owner Fishing Holdings there was some manufacturing overlapping between Ranger, Triton and Stratos, and now that Bass Pro owns Ranger Johnny Morris says he intends to break this situation up and move Triton and Stratos manufacturing elsewhere.
There is alot we don't know yet and may never know, but one thing is clear is that when the meeting of Ranger and Bass Pro came to a close, those 3 top Ranger executives resigned immediately causing Johnny Morris to hop on a plane and rush out there to meet with these men probably to try and persuade them to not resign.
In my opinion if this deal was all that important to Johnny Morris he should have been at that meeting where he probably could have mitigated the circumstances of their resignations in person before hand, not after the fact. Instead Johnny Morris sent a team out there to meet with Ranger to probably lay the law down to them that for one they were no longer in charge- technically. And, that possibly the lower profit margin Ranger was surviving with may not have been enough to satisfy Bass Pro who more than likely wanted to see the profit margin increase which meant some cost cutting somewhere within Ranger, maybe fire off some employees, trim some fat, use thinner metal in the boats, or you know, cut corners every way possible while keeping prices up there even though Johnny Morris said he would not tamper with the quality of Ranger boats, I have my doubts...
Those 3 executives I think resigned because Bass Pro was basically telling them they don't run things any more, and their mission to save Ranger from bankruptcy since 2010 was no longer 100% up to them and that Bass Pro and their "experts" would be actively involved now in guiding Ranger to an increased profit margin doing things those 3 executives probably could not live with.
Just take a look at some of the Bass Pro-Johnny Morris statements issued:
" We plan to align significant additional resources to further strengthen product offerings and dealer and customer support."
We, as in Bass Pro PLAN to ALIGN SIGNIFICANT ADDITIONAL RESOURCES to further strengthen product offerings. That right there says Bass Pro is stepping in and all but taking over Ranger. And for some men use to running it their way at least since taking it over in bankruptcy back in 2010, it is clear their reign is over. No longer in charge. Time to go. Staying means doing as told by Bass Pro and Johnny Morris.
" We will maintain separate new product development teams to ensure unique, differentiated product offerings.
We, as in Bass Pro will maintain SEPARATE new product development teams! As in Bass Pro will now have their own ideas to run through Ranger Boats whether they want it or not, or like it or not. Bass Pro will use Ranger manufacturing to make products developed by Bass Pro's separate product development team. Ranger is not to remain as independent as Johnny Morris says in his public statement. He sounds like he may be contradicting himself somewhat with double talk.
If you were use to running Ranger would you want some outside company ordering you to do this as told? Jump through some hoops for Bass Pro Ranger executives! Everyone out there at Ranger better snap too when told to! New things coming your way so get ready...
I can see why those 3 top dogs resigned at the close of the meeting. And based on what I am reading they resigned immediately after the meeting was concluded, but in the real world you can bet those men decided while in the meeting to resign. They knew their day was done before that meeting was over!
" To be clear, when we invested in Fishing Holdings one of our primary motivations was investing in the opportunity to work alongside you, the absolute best fishing boat dealers in the world. We remain steadfast in this commitment."
To be clear, this is not really all that clear! Johnny Morris is saying they purchased more than Ranger. They purchased either all of nearly all of Fishing Holdings and EVERYTHING they owned! So now Bass Pro owns Triton outright too, and Stratos. And Johnny is now planning on moving manufacturing of Triton and Stratos somewhere else so that Ranger can now only build Ranger boats and not be involved in the manufacturing of all 3 of them. What is up with this? I wish we could get more info on this. What is Johnny Morris up to? Could he be breaking up these companies so he can grow them as independents and maybe one day sell off one or more for some big bucks if he is successful? Surely breaking up manufacturing is not going to be cheap for him to do. So there has to be some other motivation I'm just not seeing or getting now.
I seriously doubt if Johnny Morris was simply investing to "work alongside you" as he says. I am not buying that for one second. This is more of a power move to literally corner a market. It is a shrewd power move that Bass Pro can easily afford right now. And a move like this will make boats CHEAPER for Bass Pro rather than selling someone else's product, it is now their product and they have eliminated competition and middle men and taken the whole ball of wax for themself. A smart business move that would make John D. Rockefeller proud that Johnny Morris was following his business advice that "competition is a sin."
So now Johnny Morris is going to merge Tracker Marine Group and his new ownership of Fishing Holdings (Ranger, Triton, and Stratos) into one new business called White River Marine Group.
I'll leave it here for now. I think it is pretty clear at least to myself why these 3 men resigned after meeting with Bass Pro acquisition team. They had their company sold out from under them and literally taken away from them plain and simple, and now Johnny Morris is in charge lock, stock, and barrel and they simply did not want to go back to just being an employee told what to do and when to do it among other things in this deal they probably could not live with.
And it is also just as clear that Johnny Morris is doing a power play and creating his own monopoly as well as increasing his profit take from owning it all and controlling it all.
What is now clear to me is that the 3 men who resigned, they controlled Ranger as a company, but they did not control who owned them. These men could live with being in charge while having an investment company own them, but when Johnny Morris and Bass Pro bought Ranger from their owner and parent company, these men could no longer live with having their company sold out from under them and then taken away from them by Johnny Morris and his acquisition team.
And I think it probably angered them that Johnny Morris himself did not attend the meeting in person and this may have contributed to their decisions to resign.
For Johnny Morris to hop on a plane and run out there after they resigned was too little too late in my opinion. Johnny Morris should have had enough respect for them to make a personal appearance at the takeover meeting and try and smooth things out rather than send a hired team to lay out terms in a play hard ball fashion. Not a smooth move on Johnny Morris' part which is why his public press release sounded more like damage control more than anything else.
In conclusion I will throw in another piece I got some info from that goes back to the purchase deal in 2010:
Platinum Equity To Sell Fishing Boat Business To Bass Pro Group
Press Release · December 11, 2014
Manufacturing
LOS ANGELES, CA (December 11, 2014) – Platinum Equity today announced the signing of a definitive agreement to sell Fishing Holdings, LLC, the Flippin, Arkansas-based manufacturer of the Ranger Boats, Stratos and Triton fishing boat brands, to Bass Pro Group, LLC.
The pending transaction is subject to regulatory approval and customary closing conditions. Financial terms of the agreement were not disclosed.
Platinum Equity acquired Ranger Boats and Stratos as part of a larger portfolio of boat brands in February 2010 from Genmar Holdings, Inc., through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. Triton was acquired from Brunswick in July 2010.
“Nearly five years ago we pledged to provide the resources and support necessary to help the company grow and evolve, while respecting the heritage and deep roots in fishing that make it so special,” said Platinum Equity Partner Louis Samson, who led the acquisitions in 2010. “We achieved our goals and I am very proud of all that has been accomplished during our stewardship.”
In addition to the add-on acquisition of Triton, Platinum Equity worked with the Fishing Holdings management team to execute a series of other growth and operational improvement programs, including: the development and launch of a line of aluminum boats that involved developing a completely new manufacturing site from the ground up; continued introduction of innovative new products across all brands and segments; strengthening of dealer relationships; and numerous improvements in manufacturing capabilities and overall operational efficiency.
Mr. Samson credited Fishing Holdings President Randy Hopper and the hard work of Fishing Holdings employees as the key driver of the company’s success.
“Randy is an exceptional leader, with a very talented executive team supported by a tremendous group of dedicated employees throughout the entire organization,” said Mr. Samson. “The business will be in very good hands going forward.”
Mr. Hopper expressed excitement about the future as part of the Bass Pro Shops family.
“We’re very fortunate to be partnering with an organization with so much understanding of the industry and our brands,” said Mr. Hopper. “This new alliance will provide synergies that will strengthen our independent dealer base and ensure our continued focus on fishing.”
“Nearly five years ago we pledged to provide the resources and support necessary to help the company grow and evolve, while respecting the heritage and deep roots in fishing that make it so special,” said Platinum Equity Partner Louis Samson, who led the acquisitions in 2010. “We achieved our goals and I am very proud of all that has been accomplished during our stewardship.”
In addition to generating operational benefits, the transaction will provide further enhanced services and products to better support Fishing Holdings’ existing dealer network and large base of customers worldwide.
Bass Pro Shops founder and CEO Johnny Morris said, “We’re excited about the association with these iconic brands. Ranger Boats founder Forrest Wood has been a longtime friend and someone who has made a tremendous impact on our industry. We look forward to building on such a rich history.”
According to Mr. Morris, after the transaction closes Fishing Holdings’ portfolio will continue to operate from its Flippin, Arkansas headquarters under the leadership of existing local management which boasts more than four decades of experience. He said the new partnership not only joins some of the industry’s most respected brands, but also provides greater stability and growth opportunities for Fishing Holdings’ independent dealer base.
“The business will continue to be operated independently by the same management team that has led it for many years,” added Mr. Morris. “Our goal is to provide the products and services necessary to fuel our collective growth.”
Fishing Holdings was advised by Harris Williams & Co. in connection with the transaction. Latham & Watkins acted as deal counsel.
About Platinum Equity
Founded by Tom Gores in 1995, Platinum Equity is a global investment firm with more than $7 billion in assets under management and a portfolio of operating companies that generated approximately $15 billion in revenue in 2013. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy the firm calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, information technology, telecommunications, transportation and logistics, media, equipment rental, metals and other industries. Over the past 19 years Platinum Equity has completed more than 150 acquisitions.
About Fishing Holdings, LLC
Fishing Holdings LLC, headquartered in Flippin, Ark., is the nation’s premier manufacturer of fiberglass and aluminum fishing boats, including the legendary Ranger Boats brand, as well as the Stratos and Triton boat brands. More details, product information and specific offerings can be found by visiting www.rangerboats.com, www.stratosboats.com and www.tritonboats.com.
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"According to Mr. Morris, after the transaction closes Fishing Holdings’ portfolio will continue to operate from its Flippin, Arkansas headquarters under the leadership of existing local management which boasts more than four decades of experience."
Yeah right. That 4 decades of experience and local leadership is now gone... any wonder why??? I don't.