Fort Wayne Equity Firm Adds Engine CompaniesPosted: Updated:
A subsidiary of Fort Wayne-based Ambassador Enterprises has acquired a pair of marine engine manufacturers. As a result of the deal for PCM Marine Engines and Crusader Engines, Correct Craft Holdings and its affiliates now employ more than 500 people. October 20, 2014
FORT WAYNE, Ind. - Today, Fort Wayne-based private equity firm Ambassador Enterprises announced that through its wholly-owned subsidiary, Correct Craft Holdings, it has acquired the companies who manufacture the premier marine engines PCM Marine Engines and Crusader Engines. The acquisition was effective October 16, 2014. Financial terms of the acquisition were not disclosed.
Correct Craft, founded in 1925 and owner of Nautique Boat Company and Aktion Parks, now owns 100 percent of both PCM Marine Engines and Crusader Engines. Correct Craft announced it has no plans to change either the management or the location of the engine companies. Correct Craft and its affiliates now employ over 500 people.
PCM has been in business for over 40 years, providing outstanding engines and service all over the world from its headquarters in Little Mountain, South Carolina.
Crusader Engines, also manufactured in Little Mountain, South Carolina, is regarded as a premier manufacturer of marine engines used in salt water. In 2014, Crusader expanded their product offering with its new "Challenger" series of inboard marine engines.
Correct Craft's President and CEO Bill Yeargin stated, "PCM and Crusader are two of the top marine engine manufacturers in the world. We could not be happier to have them as part of the Correct Craft family. The future of both brands is bright!"
Arlan Friesen, President of Ambassador Enterprises and Correct Craft Board Manager, shared, "We are delighted to be partnering with the Correct Craft team as it continues expanding its portfolio of premium brands in the recreational industry. The Correct Craft management and employees are deeply committed to the Ambassador Enterprise way of doing business - creating financial returns, cultural impact and eternal results."
Friesen went on to say, "We are very grateful to Paul Fletcher, the founder and owner of both PCM and Crusader, for entrusting his legacy to Correct Craft and Ambassador Enterprises. We enjoy working directly with legacy-minded owners, such as Paul, to preserve and expand upon what they have built."
About Ambassador Enterprises
Established in 2006, Ambassador Enterprises is a for-profit, philanthropic equity firm that invests for financial, cultural, and eternal returns. AE has expanded its Fort Wayne operations to 50 staff members and is known for working directly with business owners as a trusted investor in an environment of mutual respect. In addition to Correct Craft Holdings, Ambassador Enterprises has invested in various other organizations, including local companies Wagner-Meinert and American Sportworks.
To learn more about Ambassador Enterprises, visit its website at www.ambassador-enterprises.com.
Source: Ambassador Enterprises