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August 28, 2013

Phineas Sprague to buy Gowen Marine

Phineas Sprague Jr., owner of Portland Yacht Services, is buying Gowen Marine, a boat repair business occupying a two-acre complex on Portland’s waterfront. Sprague told reporters the purchase will help in his company’s transition to a new location west of the Casco Bay Bridge.

The Portland Press Herald reported Sprague hopes to close a sale on that business at 400 Commercial St. by September. The paper reported Gowen Marine owner Joseph Schmader would continue to own and operate Gowen Power Systems Inc., which is also located at 400 Commercial St.

In the short term, the Bangor Daily News reported, Sprague plans to use Gowen Marine’s facilities to handle the ongoing work of Portland Yacht Services, located  near Portland’s East End in the historic Portland Co. complex, which Sprague sold earlier this month to CPB2 LLC, a development group led by Jim Brady and The Prentice Organization.

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