Contact: Kelley Woolsey Michael Collin Confluence Watersports
Transcription
Contact: Kelley Woolsey Michael Collin Confluence Watersports
Contact: Kelley Woolsey Confluence Watersports 336-434-7730 [email protected] Michael Collin Fendler Communications 207-761-8005 [email protected] FOR IMMEDIATE RELEASE CONFLUENCE HOLDINGS TO ACQUIRE WATERMARK’S WATER SPORTS DIVISION Trinity, NC, May 12, 2005 – Confluence Holdings Corp. (“Confluence”) announced today that a purchase agreement has been signed under which Confluence will acquire the water sports division’s assets of WaterMark Paddlesports Inc. (“WaterMark”), including WaterMark’s paddlesports brands, the WaterMark name and WaterMark’s assets in Easley, SC. The agreement does not include WaterMark’s land sports division. Industry veteran Richard Feehan has been named CEO of Confluence. The transaction is expected to close Monday, May 16th, 2005. “This is a very exciting time for me to come on board at Confluence,” said Feehan. “Confluence and WaterMark’s paddlesports division include the most recognized brands in the industry and together will form the premier paddlesports company in the world.” Founded in 1998, Confluence was formed through the merger of Mad River Canoe, which included Voyageur, and Wilderness Systems, which included WindRider. In 2001, Confluence expanded its range of products with the acquisition of Wave Sport. The Confluence family of brands includes Mad River Canoe®, Wilderness Systems® touring and recreational kayaks, Wave Sport® whitewater kayaks, WindRider® sailing trimarans, and Voyageur® water sports accessories. WaterMark was formed in 1998 through the merger of Perception and Dagger. Since then, WaterMark has expanded its product range to include Harmony, AT Paddles, Yakima, and Rhode Gear. WaterMark’s paddlesports division brands includes Dagger® touring and whitewater kayaks, Perception® touring and whitewater kayaks, Mainstream® recreational kayaks, Harmony® paddlesports accessories and AT Paddles®. Confluence and the WaterMark paddlesports division will continue to operate as autonomous business units for the remainder of the 2005 selling season. Confluence fully anticipates that industry veterans Kelley Woolsey, SVP Marketing & Sales, and Bob McDonough, VP of Research & Development, will continue to lead the Confluence side of the business, and Brian Fisch, VP of Sales, Ron Barlow, VP of Operations, and Tony Lee, Director of Research & Development, will continue to lead the WaterMark side. “As this acquisition will be taking place in the midst of the selling season we will do everything we can to ensure that there is no disruption to our customer service, delivery performance or sales coverage. It will be business as usual for our customers,” added Feehan. more Mailing / Shipping Tel 3 3 6 434-7470 3761 Old Glenola Rd. Tr inity, NC 27370 Web www. confluencewaterspor ts.com F a x 336 434-6764 As part of the agreement, Confluence has contracted WaterMark to continue to handle all customer service activities for the WaterMark paddlesports division from their current customer service center in Arcata, CA, during the transitional period. In addition, during this period Confluence will rebuild a customer service and credit department for the division in the Easley facility. ABOUT CONFLUENCE HOLDINGS CORP. Confluence Watersports Company, based out of Trinity, NC, manufactures and distributes water sports equipment under the Mad River Canoe®, Wilderness Systems®, WindRider®, Voyageur®, and Wave Sport® brands. Voyageur is a leading line of canoeing and kayaking accessories including whitewater and other quality paddles, along with personal flotation devices, storage gear and apparel. The Mad River Canoe Brand is recognized as the quality leader in the canoe industry. Under the Wilderness Systems brand, Confluence manufactures top-quality fiberglass, Kevlar, and rotationally-molded kayaks. The Wave Sport brand is one of the paddling industry’s premier whitewater kayak brands. WindRider is a unique line of sailing trimarans. The company’s wholly-owned subsidiary, Confluence Watersports Canada, Inc., distributes all the brands in Canada. For more information visitwww.confluencewatersports.com ABOUT WATERMARK WaterMark is a leader in technical products for outdoor recreation and manufactures and distributes the industry's most complete line of whitewater, touring and recreation kayaks. The company's brands include kayak leaders Dagger®, Perception®, and Mainstream®, in addition to Harmony® paddle sports accessories, AT Paddles®, and Yakima® and Rhode Gear® vehicle racks. WaterMark is headquartered in Beaverton, Oregon, with offices in Easley, SC. ### Mailing / Shipping Tel 3 3 6 434-7470 3761 Old Glenola Rd. Tr inity, NC 27370 Web www. confluencewaterspor ts.com F a x 336 434-6764