Carbon Craft Principals Acquire Southport Boats
Offshore Center Console Transaction Focuses on Growth, New Product Introductions, and Expanded Production Capacity
Published: Monday, September 11, 2017
The principals of Carbon Craft Inc. today announced they have acquired Southport Boats for an undisclosed amount. Anchors Aweigh Capital (AAC), a private investment firm focused on maritime businesses, advised Carbon Craft on the transaction. A new holding company named “Tuxedo Yachts” has been formed to acquire luxury oriented boat businesses and will initially consist of the Carbon Craft and Southport Boat brands.
Southport Boats are known for their legendary performance based on a Ray Hunt Design hull which combines offshore racing technology with cutting edge composite manufacturing capabilities to deliver a ride that’s smooth, responsive, quiet and dry with incomparable stability.
“Southport and Carbon Craft ensure your time on the water with family and friends is both comfortable and stylish,” said Skip Sorenson, CEO of Tuxedo Yachts. “We were attracted to Southport Boats by their customer passion, dealer network, and Maine-built craftsmanship. 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.”
The owners of Southport Boats initially sought additional investors for the business, but the interest was so high, they ultimately decided to sell the entire business. The acquisition provides new capital for product development and expanded production capacity in a new facility with 4 times greater space.
“Our dealers and customers tell us Southport boats deliver a radically different ride that’s soft, aggressive and responsive,” said George Menezes, VP and General Manager for Southport Boats. “Everyone on our team is excited as our innovations will continue to provide, and meet increased demand for, the highest fit and finish center consoles on the market.”
Both Southport Boats and Carbon Craft will be exhibiting at major boat shows in the next few months. Carbon Craft will be in Cannes and Monaco during the month of September. Carbon Craft is also the Official Tender of the Fort Lauderdale International Boat Show (FLIBS) in November. Southport Boats is attending the Newport and Annapolis boat shows, as well FLIBS, where they will be providing VIP tender service. All current and potential new owners are encouraged to stop by and say hello.
Anchors Aweigh Capital will be launching a new capital fund to enable additional brand acquisitions of companies who share a similar DNA in their go-to-market approach, luxury orientation, and focus on customer service, support, and satisfaction.
Interested investors should call 877-402-6246 for more information.
About Carbon Craft
Carbon Craft sets new standards for comfort and safety in luxury yacht tenders with nearly twice the interior space, head-turning style, and exhilarating performance. Every Carbon Craft is designed and built for the most precious cargo you carry - your loved ones. Our team’s cumulative knowledge of the marine industry ranging from America's Cup manufacturing technology to world class yacht design detailing, has resulted in many innovative concepts including the clever use of advanced lightweight materials like carbon fiber to optimize space, and the closed cell foam collar that provides protection, spray deflection and flotation. The result is a low-profile format that enables you to operate effortlessly, board safely, stay dry, carry everything, relax in comfort, and arrive in style. Learn more online at www.carboncraft.com.
About Southport Boats
Southport Boats, located in Augusta, Maine builds robust, quality engineered offshore center console boats on three platforms (27′, 29′ and 33′), and has developed a reputation as one of the premier boats in their class. The semi-production builder employs experienced and dedicated craftsmen and technicians who build high quality products in a newly acquired 70,000-square foot production facility. Southport Boats, while a production builder, caters to the demanding needs of their customers and dealers and always welcomes the challenge of custom requests as a way to further improve an already exceptional boat. For more information, please visit www.southportboats.com.
About Anchors Aweigh Capital
Anchors Aweigh Capital (AAC), www.anchorsaweighcapital.com was established in 2013 and is an investment banking and consulting firm serving emerging growth and middle-market maritime and industrial companies in the U.S. and worldwide. AAC provides objective advice to private and public companies in the areas of mergers and acquisitions, strategy, turnarounds and restructurings, debt and equity capital raises and other advisory services focused on increasing the value of business enterprises. Anchors Aweigh Capital is headquartered in Ft. Lauderdale, FL and has offices in Dallas, TX, San Diego, CA and Portland, OR.
If you would like more information, please contact Trenton Waterhouse at +1 623 523 1672 or email [email protected].
tags: Company Expansions