Acquisitions and Investments

Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.

Finance company names new sales team

Northpoint Commercial Finance, a newly formed diversified inventory finance company based in Alpharetta, Ga., announced a new sales team. Vice president of sales Russell Baqir is leading Northpoint’s sales team and is based in the Alpharetta headquarters. As the former president of Textron Financial’s marine division, Russell has more than 24 years of distribution finance…more

Aero-Marine expands in Southern California

Aero-Marine LLC is expanding into a larger Southern California location better suited for making and thermoforming custom acrylic and polycarbonate components. The new building is at 13052-B Dahlia St. in Fontana and it has 6,000 more square feet of space for the powerboat windshield and canopy maker. “Not only will our production be able to…more

Founder buys back Turkish boatbuilder

The founder and former owner of Istanbul, Turkey-based Numarine Performance Yachts is once again taking the helm. Founder Omer Malaz hopes to expand the brand, with yachts ranging from 55 to 130 feet, into emerging markets, such as South America, Lebanon and Hong Kong. A joint venture with Abraaj Capital Group in 2008 helped Numarine…more

Family buys back DuraCraft brand

The Ward family, manufacturer of War Eagle aluminum boats, reacquired DuraCraft. Terms of the deal were not disclosed. Bill and Chick Ward established DuraCraft in 1945, but the family sold the business in 1984. Since then, the DuraCraft name has been bought and sold multiple times. In 1992, a third generation of Wards — Mike…more

Northpoint now offers marine financing

Northpoint Commercial Finance LLC, a diversified non-auto inventory finance company, announced it entered the marine industry and is “aggressively contacting manufacturers and dealers.” The Alpharetta, Ga.-based company’s primary goal is to provide credit lines supported by competitive programs, a state-of-the-art online management system and an “easy to do business with” approach. “We are very excited…more

Zim Sailing acquires Byte CII dinghy

Zim Sailing announced that its product line of Optimist, C420 and CFJ will expand to include the Byte CII dinghy. “This is a very exciting time for Zim Sailing,” said company president Steve Perry, who recently acquired the Byte CII from PS2000 and will serve as the exclusive builder and distributor for the CII. “The…more

MirroCraft Boats has new owner

MirroCraft Boats, a privately owned fishing boat builder in Gillett, Wis., announced that its existing management team has bought the company from Northport Corp. This buyout will allow MirroCraft to continue building aluminum fishing and fish-and-ski boats at the current location with no disruption, the new owners said in a statement. “Everyone here at MirroCraft…more

Chesapeake Ranger Tugs has new owner

Mark and Tony Schulstad, owners of Mass Enterprises and Cutwater Marine Sales, acquired Chesapeake Ranger Tugs, formerly owned by Chuck Wistar. Cutwater Marine Sales is part of a yacht dealership based in Grasonville, Md., and Mark Schulstad will retain the Chesapeake Ranger Tugs office in Annapolis, Md. Both locations will give customers access to Ranger…more

Asmo Marine undergoes name change

Asmo Marine, the Danish company that manufactures Thoosa inboard electric propulsion systems, changed the name of the company to Clean E Marine and formed a new distributing company for the North American market. This company, Clean E Marine Americas, is based in Annapolis, Md., and is setting up regional dealers and distributors throughout North America.…more

Phoenix Boats plans expansion in Tennessee

Phoenix Boats announced plans to purchase a new facility and will be expanding it to increase production. “Sales have continued to outpace our production capabilities,” company president Gary Clouse said in a statement. ”We are purchasing a 75,000-square-foot building on 10 acres in Winchester, Tenn., and will be renovating it to our specifications for a…more

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