Gander Mountain to Introduce Sales and Rentals of Genmar Boats in Selected Markets, Expand Marine Accessories Department

MINNEAPOLIS, January 18, 2005 — Gander Mountain Company (Nasdaq: GMTN) and Genmar Holdings, Inc. today announced an agreement to sell and rent several Genmar boat lines at Gander Mountain stores, expanding on Gander Mountain’s existing assortment of canoes, kayaks and small fishing boats. Gander Mountain also announced that it is expanding the assortment of marine accessories at its large-format stores.

Selected Gander Mountain stores will sell three lines of boats that appeal to both fishermen and the recreational boater -- Stratos® and Champion®17-foot to 21-foot fishing boats featuring Yamaha engines, and Seaswirl® 17-foot to 23-foot family sport boats (runabouts, deckboats, bowriders and fish-n-skis) featuring Volvo-Penta engines. Gander Mountain will accept customer trade-ins and offer retail financing and service, leveraging the company’s existing ATV service centers.

Additionally, some Gander Mountain stores will offer rental of Triumph® boats, The World's Toughest Boats®, including both fishing and family runabout models in various sizes to meet customers’ needs. Customers will be able to arrange rentals from the participating stores through most other Gander Mountain stores. Rental customers will be able to tow the boats up to 500 miles from the Gander Mountain rental location, a unique benefit for vacationers.

“We are excited to be partnering with Genmar, one of the world’s premier manufacturers of recreational boats, to offer our customers a selection of quality boats to enhance their outdoor experiences, whether to own for many years or rent for just a day. We look forward to expanding this relationship to more markets over time,” said Mark Baker, president and CEO. “In addition, our customers, as active participants in a broad range of outdoor activities, have asked us to expand our boating and marine businesses so they can purchase everything they need to enjoy their outdoor lifestyle in one convenient location.”

“Gander Mountain, as a leading outdoor lifestyle retailer, is a strategic partner for us in expanding the distribution of our popular fishing and recreational boats,” commented Irwin Jacobs, Chairman of Genmar Holdings. “Gander Mountain’s customers are our customers, and it is ultimately the customer who will reap the rewards of this new venture.”

About Gander Mountain Company
Gander Mountain Company, headquartered in Minneapolis, Minnesota, is a leading specialty retailer that serves the needs of outdoor lifestyle enthusiasts, with a particular focus on hunting, fishing and camping.  Focused on a “We Live Outdoors” culture, Gander Mountain stores offer competitively priced national, regional and owned brand outdoor equipment, accessories, related technical apparel and footwear.  There are currently 82 Gander Mountain outdoor lifestyle stores in 14 states.  For the nearest Gander Mountain store location, call 800-282-5993 or visit www.GanderMountain.com.

About Genmar Holdings, Inc.
Genmar, with approximately 5,000 employees and 8 manufacturing centers in the United States and Canada, is the builder of 15 premier brands of recreational boats and the industry’s technological leader with the development of VEC™ Technology and the VEC Shield™ finish, the Roplene® process and the Genmar Integrated Vessel System. Genmar boat brands include Aquasport®, Carver®, Champion®, Four Winns®, Glastron®, Hydra-Sports®, Larson®, Marquis®, Nuvari®, Ranger®, Seaswirl®, Stratos®, Triumph®, Wellcraft® and Windsor Craft™.

For the most up-to-date information, news release archives, downloadable high-resolution logos and photographs of Genmar products, visit our Web site at www.Genmar.com/pr. Check back regularly for new stories on Genmar and its companies.

Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements.  All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.  Certain of these risks and uncertainties are described in the “Risk Factors” section of the final prospectus relating to our initial public offering, as filed with the SEC, as well as in our subsequent reports filed with the SEC, which are available at our website at www.GanderMountain.com and at the SEC’s website at www.sec.gov.  

Contacts:
Gander Mountain Company: 
Shannon Burns
Director of Investor Relations
(952) 830-1690
shannon.burns@gandermountain.com

Genmar Holdings, Inc.:  
Irwin Jacobs
Chairman
(612) 337-1801
ilj@jacobs-mgmt.com