Continuously serving Kosciusko County since 1854
SYRACUSE - Rinker Boat Co. announced Thursday that an investment group led by long-time Rinker employee and current general manager, Kim Slocum, will take over ownership of the company from the Rinker family. Slocum will become president, replacing John Rinker, who has led the company for the last 50 years. The investment group includes Code Hennessey & Simmons LLC, a Chicago-based private equity firm. Terms of the transaction were not disclosed.
Rinker Boat Co. Inc. is one of the world's largest independent boat builders. Founded in 1945 by the Rinker family, the company is celebrating its 60th year of building boats. Rinker features 16 models, including cruisers, cuddys and runabouts, ranging in size from 19 to 43 feet.
John Rinker, owner and departing president of the company, said, "We are excited about CHS and the significant growth opportunity presented to our management team and employees. This is the right match at the right time, one that will enable the management team to take the company to the next level of success and maximize opportunities for the shareholders, employees and the local community."
Slocum, incoming president, said, "As we celebrate our 60th anniversary, we wanted to ensure that the Rinker brand go forward with the vision of John Rinker. I have had the rewarding experience of working with and learning from John for more than 30 years. Our goal will be to carry on the principles, values and commitment to quality boats and service around which John built the company."
When Slocum started at Rinker in 1973, he was one of 19 employees. Today, the company has approximately 450 employees and is the largest employer in Syracuse.
Slocum's interest in boats started when he was 2 years old. His great-grandfather purchased a cottage on Dewart Lake in the 1930s, and the family traveled from their home in Elwood to Dewart Lake for the weekends. Slocum and his wife, Joan, still call Dewart Lake home. They have two children, Taylor and Paige.
The new ownership team plans to continue the aggressive growth the company has experienced over the last decade under Slocum's management. The capital and operating experience of CHS, coupled with the boat-building experience of the Rinker team, will enable the company to expand the capacity of its Syracuse production facilities and extend its line of Fiesta Vee Express Cruisers and Captiva runabouts and cuddys.
"As Rinker continues to grow, it intends to increase employment in the Syracuse area," said Slocum.
