Virginia-based Tuckahoe Holdings acquired Meeco Sullivan, a New York-based company that builds marinas and floating docks, in late December. Terms were not disclosed.
Tuckahoe Holdings CEO Peter Farrell told the Richmond BizSense that the company does not have a firm exit date for Meeco Sullivan, which has 120 workers, along with manufacturing facilities in New York and Oklahoma. “We think it will be a good investment over a long period of time,” Farrell told the website. “We want to buy and hold these businesses for a really long time,” he said.
The company also owns a manufacturer of tennis courts and a company that provides laundry services to hospital.
Meeco Sullivan does most of its business in New England, but has also built marinas around Richmond, Virginia. Farrell said he liked that the company is part of a stable, niche industry. “They have a family history to them. They had a lot of pride in it,” Farrell said. “We don’t pretend to be experts in the marina space. They’re the experts.”
Other companies that have entered the marina industry have praised the stability of the sector. Even when the US boating industry passed through its worst downturn during the Great Recession, the marina sector continued to provide stable, if tepid, growth because most boaters continued to rent slips.
Farrell told the website that it will take time to integrate Meeco Sullivan into its business, before searching another deal later this year. “We’ll take however long it takes to integrate them properly and hopefully we may come back to the market for another acquisition in the second half of the year,” said Farrell.