Southport Boats acquired by principals of Carbon Craft
Southport Boats, an Augusta-based builder of center console offshore boats, has been acquired by the principals of Florida-based Carbon Craft Inc. for an undisclosed price.
Anchors Aweigh Capital, a Fort Lauderdale, Fla.-based 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.
George Menezes, vice president and general manager for Southport Boats, said the new owners bring capital for product development and expanded production capacity in a new 70,000-square-foot production facility that is more than four times larger than Southport’s current site within the Kenway Corp. complex.
“The combination of the companies and the new ownership will offer new opportunities for growth,” Menezes said in a phone interview with Mainebiz this morning. “We’re very excited about this opportunity to grow and bring more jobs to the state.”
Menezes said Southport Boats plans to add as many as 15 employees to its current workforce of 35 by the end of the year. He anticipated that adding production of Carbon Craft’s product lines to Southport’s capabilities will result in another 20 to 30 jobs being added in 2018.
Menezes said Southport Boats current builds high-quality center console boats using a vacuum-infusion composite manufacturing process, in hulls sizes of 27, 29 and 33 feet. The company is also developing designs for larger boats, with hull sizes from 37 to 42 feet — which is made possible by the move into the larger facility.
Southport Boats are based on a Ray Hunt Design hull, which combines offshore racing technology with cutting edge composite manufacturing, according to the news release announcing the acquisition.
“Southport and Carbon Craft ensure your time on the water with family and friends is both comfortable and stylish,” Skip Sorenson, CEO of Tuxedo Yachts, said in a news release. “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.”
Menezes said the owners of Southport Boats, which according to the company’s website includes Kenneth G. Priest II and Ian D. Kopp, initially sought additional investors for the business. But the interest was so high, they ultimately decided to sell the entire business.
“Our dealers and customers tell us Southport boats deliver a radically different ride that’s soft, aggressive and responsive,” Menezes said in the news release. “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, with Carbon Craft planning to be in Cannes and Monaco during the month of September and Southport Boats is attending the Newport and Annapolis boat shows.
Menezes said Southport Boats workers’ reputation for building quality-engineered boats played a large role in the interest shown by investors and the ultimate sale of the company to Carbon Craft.
“That longstanding Maine boatbuilding tradition and our work ethic are important assets,” he said. “As we’ve informed our customers about this acquisition, their common response is ‘Are we still going to get boats that are built in Maine?’”
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