A press release today from Liberty Associates indicates that venture capital outfit is parting ways with American Marine Holdings, which includes the Donzi, Fountain and Pro-Line powerboat brands manufactured in Washington, N.C. According to the press release, “Effective today, Liberty ceased providing management services to American Marine Holdings and Liberty’s affiliate has transferred its nominee ownership interest in AMH to FCC, LCC, doing business as (dba) First Capital in Boca Raton, Fla., a portfolio company of HIG Capital LLC.”
HIG Capital is a private equity firm with more than $8.5 billion of capital and offices in Miami, Atlanta, Boston, New York and San Francisco and international affiliate offices in London, Hamburg and Paris, according to the HIG website. First Capital is federally registered trademark of FCC, LLC, according the First Capital website.
The press release went on to state: “Liberty has enjoyed its part in steering the company through the very difficult times that the boat manufacturing industry has experienced recently, and wishes FCC continued success with AMH in the future.”
The Baja Marine brand was not mentioned in the release.
At the time this story went live, John Walker, the president and chief executive officer of Fountain, Donzi and Pro-Line was unavailable for clarification and comment but said he would be return a call later today.
Editor’s Note: Speedonthewater.com will continue to follow this story as it develops.