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Oxford Investment Group Names Seasoned Yacht and Boat Executive to Lead FB Investments, LLC
Posted: 11-27-2009 : LA JOLLA, CA & WASHINGTON N.C.
LA JOLLA, CA & WASHINGTON N.C. - The Oxford Investment Group, Inc. is pleased to announce that Alton Herndon will lead its affiliate, FB Investments, LLC, if it is successful in its efforts to acquire ownership of Fountain Powerboat Industries, Inc., a leading high-performance boat manufacturer located in Washington, N.C. Herndon is a leading marine industry executive with more than 35 years of executive management experience and is responsible for the building of thousands of boats and yachts ranging in size from 17' to 130.' He has extensive experience in fiberglass and fiberglass composite construction and was responsible for the design, construction and/or renovation, staffing, and start-up of five marine manufacturing facilities.
"I am excited about implementing Oxford's organizational philosophy of emphasizing integrity and the pursuit of excellence in a collaborative, team oriented environment," said Herndon. "This will drive the creation of strong, supportive long term relationships with employees and partnerships with key suppliers, dealers and distributors. Given the opportunity, we intend to implement an innovative manufacturing-distribution system emphasizing a pull rather than push marketing philosophy suitable for the current economic environment and the challenges of boat building in the 21st century."
Most notably, Herndon was the President of Hatteras Yachts from 1985 through 1996 . At capacity, Hatteras had 1,700 employees, building 38' to 130' yachts sold through a worldwide dealer organization. He was also the co-founder and managing partner of Southport Boatworks. Herndon has had varying roles in executive management positions with top brands such as Palmer Johnson, Inc., Tiara Yachts, KCS International and the Tracker Marine Group.
"We are pleased to have Alton head our team to potentially oversee the expansion of Fountain operations in Washington, N.C. and build a more extensive luxury marine group platform, if we are able to acquire the company," said Selwyn Isakow, Oxford's Chairman. "Alton's strong human relations and team-building skills, his commitment to profitability, product quality, and customer satisfaction, combined with FB Investments' capital support would provide a strong economic future for Fountain, and for its creditors, suppliers, dealers, employees and customers, as well as for the communities affected by the bankruptcy of Fountain Powerboats."
Fountain Powerboats is currently operating its business as debtor in possession in a Chapter 11 bankruptcy case pending in the Eastern District of North Carolina. FB Investments holds the senior debt with a first lien security on substantially all assets of Fountain Powerboat Industries, Inc., and continues to actively participate in the Fountain Powerboat bankruptcy case. FB Investments has filed a motion asking the bankruptcy court to terminate the exclusivity period within which only Fountain may file a plan of reorganization. If FB Investments' motion is granted, FB Investments will have the opportunity to propose a competing plan for the reorganization of Fountain Powerboats.
Herndon is a nationally-recognized leader in the marine industry and has served on numerous boards and committees, including as past Chairman of the National Association of Boat Manufacturers and past member of the Executive Committee and Board of Directors of the National Marine Manufacturers Association.
A native of High Point, North Carolina, Herndon's civic leadership includes: Past President of the New Bern Area Chamber of Commerce and past member of the Board of Directors for the United Way of Coastal Carolina, the Twin Rivers YMCA, Craven County Community College Foundation and served under Gov. Jim Martin's Coastal Blue Ribbon Commission. He attended High Point College, studying business and is a graduate of the University of North Carolina at Chapel Hill's Executive Program. Herndon served as a First Lt. Battery Commander of the Army National Guard's 113th Artillery Division. He is married to Dru Herndon and is the proud father of three adult children and the grandfather of two. Herndon currently resides in Wrightsville Beach, N.C.
"Oxford's experience in acquiring and globalizing brands and our combined ability to generate new avenues for increased boat sales, together with FB Investments' plan to expand Fountain's local physical infrastructure, would help to make Washington, N.C. a more vibrant community in which the Fountain organization would play a socially responsible leadership role," said Herndon.
About the Oxford Investment Group
The Oxford Investment Group, Inc. is a private investment and corporate development group that acquires majority equity positions on behalf of its principals in industrial and consumer products manufacturing, financial services, niche distribution, and other selected companies.
CONTACT:
L. Hester
On behalf of the Oxford Investment Group, Inc.
919-882-1979 (work); 919-923-0745 (cell)
Selwyn Isakow
Oxford Investment Group, Inc.
858-458-1122 (work)
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