Acquisitions and Investments

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

Marine Flotation Products to sell boat-lift rights

Marine Flotation Products is looking to sell and/or license its patent-pending technology rights to its boat lift, the SlipLift, and its salvage products, the SalvageLift, Vessel-Retriever and Salvage-Retriever. “Instead of attempting to spread ourselves in too many directions at once, we think it’s best to offer other companies, which are better capable of commercializing and…more

Chesapeake Soda Clean moves to larger location

Chesapeake Soda Clean moved to a larger facility in Millersville, Md.,  to provide a showroom, training and warehousing under one roof. The move gives Chesapeake Soda Clean 25 percent more space than its former Annapolis office and Baltimore warehouse. Also, the new facility’s proximity to Baltimore-Washington International Airport offers more convenience for customers. “Our move…more

Dealer buys marina, another closes its doors

A boat dealer in Moravia, Iowa, purchased the assets of Rathbun Marina, including two boating locations on Rathbun Lake and the Lakeside Inn. Douglas and Sheila Clemens, who operate Your Boat Works, plan to move their business onto the Rathbun Marina property at Buck Creek early next year. The business sells Starcraft boats, according to…more

Jackson Electronics sale is finalized

The assets of Jackson Electronics, a division of Atlantic Radio Telephone in Miami, were purchased by Jackson Marine Electronics, the company announced this week. Details of the transaction, which occurred in August, were not disclosed. The owners of Jackson Marine Electronics are John Maier and John Pitman of Commercial Marine Electronics in Pompano Beach, Fla.…more

Port Royal buys AeroLite Marine Interiors

Port Royal Group acquired the hard assets and proprietary operating technology of AeroLite Marine Interiors, Port Royal Group president Phil Friedman announced. AeroLite engineers, prefabricates, and installs ultralight yacht cabinetry and furniture. The Port Royal Group provides technical and business consulting services to builders, sellers, buyers and owners of large yachts. Details of the deal…more

Telemar to acquire Al T. Marine Electronics

Italian-based Telemar Yachting reached an agreement to buy its U.S. agent, Al T. Marine Electronics, and will establish a permanent U.S. operation in Fort Lauderdale, the company announced. The transaction is scheduled to close before Jan. 1. The new entity will operate under the name Telemar Yachting the Americas. “We are very pleased in these…more

Marine battery manufacturer gets loan for construction

Berks Co., Pa.-based East Penn Manufacturing Co., builder of automotive, marine and military batteries, will receive a $2 million, 15-year loan at 3.75 percent to construct a new building and retain 5,300 employees. The $9 million project is sponsored by the Greater Berks Development Fund. The loan is one of eight that was recently approved…more

L.L. Bean, lobsters and the new economy

To ensure a supply for her lobster-roll chain and a supermarket line of lobster products, Linda Bean, an heiress to the L.L. Bean fortune, has spent millions to acquire and upgrade three wharves and buying stations, as well as a processing plant, on Maine’s mid-coast. She now plans to open a “lobster academy” for chefs,…more

JRL/Marine Concepts to add jobs in Florida

JRL Ventures/Marine Concepts plans to add 75 jobs during the next three years and will receive $225,000 in assistance from the state of Florida and Lee County. Lee County’s Economic Development Office announced the county- and state-approved incentives package Monday, the News-Press newspaper reports. The package has two parts: a qualified tax incentive from the…more

Priority One reports growth in dealer partners

Priority One Financial Services reported the largest growth of new dealer partners in the history of the company during the first half of 2009. The company, which represents more than 500 marine and RV dealers nationwide, signed four times more new dealer partners compared to the same period last year. Priority One could not be…more

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