August 28, 2017 – Financing Project Creates New Wave For Boat Manufacturer

Oklahoma-based Blue Wave and Silver Wave Boats, located in Seminole, will be undergoing a multi-million-dollar expansion in its operations and adding an additional 150 employees, funded by a collaboration between REI Oklahoma’s REI Development Corp., Horizon Holdings, LLC, U.S. Bancorp Community Development Corp., MetaFund Corp and the City of Seminole.  The founders, Roger and Pam Parks, will be retiring after 40 plus years of boat building and utilizing the New Markets Tax Credit (NMTC) program.  Horizon Holdings, LLC will partner with the existing operators and part owners, Richard and Steven Parks, to build the business. Roger Parks, Richard and Steven’s father, started building boats alongside his father in the 1950’s.  Having seen great success since building that first wooden boat, he and wife, Pam, founded Parks Manufacturing in 1992 to build Blue Wave fishing boats. Over the years, the family expanded the business to create other boat lines, including Silver Wave Pontoons which is one of the top-selling pontoon brands in Oklahoma. Richard and Steven Parks grew up working at all levels within the business and have progressively taken more leadership within the company through the years. They have been effectively managing the company for the last 3-5 years as Roger and Pam transitioned toward retirement. They had a significant ownership stake in the company that they will be rolling forward into the new company.

 

This transition and expansion ensures that the business will continue its history of growth and will remain a vital contributor to Oklahoma’s economy.  Horizon Holdings, LLC, who will lend their support to Blue Wave and Silver Wave Boats, has a successful history in buying and building family businesses over the long term including in the boat manufacturing industry among others.  They helped purchase Malibu Boats, Inc. in 2006, and during their ownership Malibu has grown into the #1 builder of performance sport boats in the world.  The Parks family’s rich history in the boating industry, and Horizon’s resources and experience, are certain to create long-term success for Blue Wave and Silver Wave Boats.  Currently, the business has a network of 59 boat dealers in 17 states, throughout the Gulf of Mexico and Mid-West, and employs more than 125 people.

 

“Seeing our parents’ American dream of ingenuity and hard work develop in front of our eyes has been a great reward in and of itself! Being able to partner with great business men like the Horizon guys that have the same principles and integrity that we have worked hard to build into the foundation of our business gives Richard and me a huge level of excitement moving forward with our entire team.” said Steven Parks

 

“We are fortunate that our volunteer advisory board, our governing board and our staff and management have worked hard to provide NMTC financing in Oklahoma,” Said Scott Dewald, REI President and CEO.  “This program is designed to provide critical financing in the areas of the state that need it the most.  We congratulate the city of Seminole, Blue Wave Boats, Horizon Holdings, LLC and the Parks family on this exciting job creating expansion and we are honored to have been a partner in this transaction,” added Dewald.

 

Since receiving its first federally-funded NMTC allocation, REI Oklahoma has counteracted disinvestment in the state’s communities amounting to projects of more than $906 million, affecting more than 3,400 jobs.  The tax credits are provided by the U.S. Treasury Department’s Community Development Financial Institutions Fund and provide a 39 percent federal income tax credit for investments into qualifying businesses in low-income communities.

REI Oklahoma welcomes the opportunity to discuss the feasibility of potential NMTC-related financing projects.  Call 800-658-2823 to arrange a meeting.

A non-profit economic development firm, REI Oklahoma offers services statewide.  REI Business Lending collaborates closely with local lenders to help entrepreneurs navigate through business lending resources and programs.  For women-owned businesses and minority-owned enterprises, REI Women’s Business Center and REI Native American Business Centers offer unique training, as well as technical assistance and access to capital.  REI Down Payment Assistance provides support to potential homeowners.  Additionally, business space is made available through the organization’s commercial facilities program.  REI Oklahoma leverages the New Markets Tax Credit program to attract new investments into Oklahoma and create needed jobs in underserved communities.  Learn more about the organization at www.reiok.org.  Follow REI Oklahoma on Facebook, Twitter and YouTube.