Audax Private Equity, a Boston investment firm, has acquired mail-order giant Overtons, Inc. Overtons was founded in 1975 by V. Parker Overton, and has grown into one of the largest retailers of boating accessories and watersports gear, including a large collection of personal watercraft accessories. The company will remain at its Greenville, NC, headquarters, but Parker Overton will step down as president and CEO. ark Metcalfe will assume the roles, although Overton reportedly will remain on the Board of Directors.
Couple arrested in auction fraud
A Florida couple has been arrested on accusations they placed ads for personal watercraft, as well as computer equipment, on online auction site eBay and never delivered the product after the winning bidders had paid for the products. John Fusco and Gina Tavone, both of Wellington, surrendered on charges of grand theft and an organized scheme to defraud. According to police, the couple had received nearly $7,000 from deceived buyers.
IJSBA IN FINAL YEAR OF HAVASU DEAL
Lake Havasu City, Ariz., the self-proclaimed “PWC Capitol of the World,” may not be home to the IJSBA World Finals in 2004 unless officials come to an agreement on a new deal to bring the season-ending race to the desert town. This is the final year of a four-year agreement signed in 2000, and with the World Finals only one month away, no new contract has been signed between the organization and the city. Fear not, however, as both the IJSBA and Lake Havasu Tourism Bureau are confident a new deal will be reached.
More ANTI-PWC LEGISLATION
Anti-PWC legislation is quickly moving through the Massachusetts State House, an ironic situation considering that Massachusetts own Gov. Mitt Romney and his sons recently saved a family from a potential drowning incident by using their PWC as a rescue vehicle. The IJSBA is urging all PWC enthusiasts to voice their opposition to the legislation by logging on to the association website, www.watercraftassociation.com and following the links to House Bills #2289 and #1560.
Copyright 2003 Powersports Business