The new holding company quickly sought to sell off noncore assets to pay down the debt incurred in the buyout. In December 1986, leveraged buyout specialist Forstmann Little & Company led a group that took Lear Siegler private with a new holding company created called Lear Siegler Holdings Corporation.
Lear Siegler's main interest in acquiring Bangor Punta was for its general aviation aircraft business. In February/March of 1984 Bangor Punta was acquired by Lear Siegler, Inc., the makers of the Lear Jet. This new line of business continue to grow well into the 1980's. In 1977 they expanded into van conversions and customizations targeting middle to upper middle income earners. Like other manufacturers who survived the crisis they adapted their product line with smaller and lighter campers. It survived the 1973 gasoline shortage crisis created by OPEC to punish America. Under Bangor Punta's leadership Starcraft continued as before, a company with a diversified product line. Additional common stock of Starcraft Corporation was acquired in March 1968, increasing Bangor Punta's ownership interest to 96%. Starcraft was now part of Bangor Punta's Liesure Time Group. Harold Schrock continued as president of Starcraft from 1966 to 1969, at which time he left to form Sylvan Marine. Instead 20% of the company's stock was offered publicly which resulted in raising $3,000,000, twice that of Chris Craft's offer. Appearantly Harold Schrock had attempted to sell the company to Chris Craft in 1958 but the deal fell through when Chris Craft's written offer was less than what was verbally agreed upon. Starcraft was purchased for $17,692,300 in cash and stock. His son, Harold Schrock, and the Schrock Family sold the Star Tank and Boat Company to a conglomerate, Bangor Punta, finalizing the deal in 1967. In 1966 Arthur Schrock, founder, died at the age of 85. He made other important contributions to Starcraft's manufacturing Bontrager left Star Tank and Boat Company late in 1967 and started Jayco Inc., which in a The telescoping lifter system was well designed and Patent for his lifter mechanism invention on Februand was granted US Patent 3,314,715 on Aprilġ8, 1967 with Star Tank and Boat Company as the assignor. Bontrager, an employee of Star Tank and Boat Company, applied for a Also up to 1964 the majority of pop-up campers sold were tent-tops which Manufactured by Hille Engineering but was not commonly found on pop-up campers.
The concept of a crank-up lifter mechanism had been developed prior to 1964 in trailers like the 1954 Ranger Only needs to carefully compare the available hardtop campers of 1965 to see the whole story. While this certainly is true other factors played a part as well. The patented lifter mechanism is attributed by many as the reason The Starmaster featured a hardtop, pull-out beds on the front and back of the trailer, aluminum screen doorĪnd a patented crank-up lifter mechanism. In fact it can be argued that Starcraft's Starmaster trailer ofġ965 greatly influenced the larger manufacturers move to hardtop campers. Starcraft came on strong in the industry. Industry the company entered the recreational vehicle industry with a line of pop-up campers in 1964 under the
In 1956 Starcraft incorporated with 575 employees. After World War II aluminum boats were introduced and in the 1950's fiberglass boats. Star Tank was renamed Star Tank and Boat to reflect this expansion.
The product line was expanded in the 1920's to include galvanized steel fishing boats. The company manufactured metal feedingĪnd watering tanks for livestock. Click Here For All Brochures, Advertisements, And Articles.Īrthur Schrock founded Star Tank Company in 1903 in Goshen, Indiana.
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