American Marine Holdings, which builds Donzi Marine and Pro-Line boats, was sold Wednesday to a group of private investors, and its mercurial chief executive officer has left the company.

CEO Lee Kimmel, who ran the Sarasota, Fla., company for 13 years, sold his stake to the new investors, said Josh Stickles, vice president of marketing for Donzi. Remaining senior management is expected to stay in place.

Rumors had circulated for the several months that the V-bottom and center-console builder was for sale. The marine company has been battered by the sharp recession and a tight credit market. The name of the investors or the sale price was not disclosed.
“They are not from the marine (industry) but I can’t say anything more about them,” Stickles said. “They intend to take a hands-off approach.”

The production boatbuilder has down-sized substantially since the days when it employed more than 200 people. Donzi and Pro-Line slowed production dramatically so that excessive inventory held by dealers could be sold.

Stickles said he does not foresee any changes to the lineup that ranges from single-engine sport boats to triple-engine center-consoles. The builder remains focused on customizing boats and offering limited-edition models to attract buyers.

Offshore racing legend Don Aronow founded Donzi in 1964 and this year the company marked its 45th anniversary with new “009” models.

Brash and outspoken, Kimmel bought the company with two other partners in 1986. Several years later the former player on Wall Street became the CEO of Donzi Marine and Pro-Line. He was well known at dealer meetings for proclaiming, “I hate the boat business.” During his tenor running the company, Kimmel improved the quality of the production boats and raised the profile of its offshore V-bottoms.

Source-Powerboat magazine