Premier Marine exited Chapter 11 bankruptcy on Tuesday with a new owner. The bankruptcy court in Minnesota approved a new owner called Premier Pontoon Holdings LLC. Rick Gallagher will serve as the company’s CEO.
Premier is recognised as one of the North America’s leading pontoon boat builders, focusing on high-end models. It has been at the forefront of the unusual growth in the pontoon boat segment in the US, but went into bankruptcy protection last June.
A company statement said the Minnesota builder will continue to build luxury pontoons to its national dealer network. The company will retain its current workforce and production facilities.
“The Premier team has worked tirelessly over the nine months to assure we continue to build high-quality pontoon boats as an industry leader,” said Rick Gallagher, Premier’s new CEO, in a statement. “The reorganization has Premier poised to increase production levels across each of our lines. We’ve been working with our vendors to plan for our increased capacity.”
Premier founders Bob and Betty Menne and Lori Melbostad will remain with the company. A spokesperson told IBI that Bob and Betty will be Brand Ambassadors, while Melbostad will be executive vice president with the reorganised company.