Carbon Craft has acquired Southport Boats. Terms were not disclosed.
According to a story in the Kennebec Journal, the sale was announced by the owners of Florida-based Carbon Craft yesterday. Southport Boats, based in Augusta, Maine, is expected to hire more than 100 workers and move into a larger facility in the next two years.
Carbon Craft and Southport Boats will be part of Tuxedo Yachts, a holding company set up to acquire boatbuilders. Skip Sorenson, chief executive for Tuxedo, said that its investors were attracted to Southport by the dealer network that exists as well as the Maine Craftsmanship. Southport builds centre console boas from 27ft-33ft.
“This is a unique opportunity to position these two luxury boating brands to outperform the market, deliver superior financial results and create the most memorable customer experiences,” Sorenson said.
George Menezes, vice president and general manager of Southport Boats, told the paper that Southport plans to add 12 to 15 employees to its workforce of 35. It will also move into a new facility about four times the size of its current one by the end of the year. Carbon Craft will then move from Tampa to Maine.
“The reason this happened is because of the Maine boatbuilding tradition. The people were willing to invest in the company and buy the product that’s built in Maine by Maine craftsmen with a Maine work ethic,” Menezes told the paper, adding that Southport had been “hamstrung” because of lack of investment.
Southport was acquired from Creative Pultrusions Inc, which acquired Kenway Corp, owner of Southport, five months ago. “Our new owners liked us, liked that we are in Maine and are very excited to keep us in Maine,” Menezes told the paper. “We will keep the existing team. We’re not going to lose anything.”