Acquisitions and Investments

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

Monday marks infamous economic anniversary

Monday marks an anniversary that won’t be celebrated – the beginning of the global financial meltdown. It was a year ago Monday (Sept. 7, 2008) that Fannie Mae and Freddie Mac were taken over by the federal government. That event is widely seen as the beginning of the financial collapse that crippled the U.S. and…more

Koden sells SI-TEX brands to NSME

Koden America Inc., a subsidiary of Koden Electronics Co. Ltd. in Japan, has sold the SI-TEX brand to NSME, Inc. of Riverhead, N.Y. Under the terms of the sale, NSME will be responsible for the sales of all current SI-TEX products, and all warranties and repairs of currently supported SI-TEX equipment. NSME also plans to…more

Marine lending tightens further

Provident Bank finalized its merger with M&T Bank, removing one more marine lender from the retail landscape. “Provident was a fairly significant national lender,” with a portfolio of $350 million to $400 million in retail finance, said Don Parkhurst, who heads up marine lending for SunTrust Bank. “A lot of that volume is falling to us…more

Gibson opening larger warehouse

Gibson Fiberglass is opening a new 40,000-square-foot warehouse in Elkhart, Ind., to replace its original 12,000-square-foot facility. “This expanded facility will allow us to better serve our customers east of the Mississippi,” said president Joe Peng, in a statement. “While the economic situation has negatively impacted many of our customers in the composites industry, we…more

Priority One president names her successor

Priority One Financial Services president Lisa Gladstone is stepping down from the helm of the company she founded 22 years ago. She named Heather Mariscal, vice president of operations, as her successor. “I have had the joy of working with [Marsical] for several years and am impressed by the depth and speed at which she…more

ADP Lightspeed articles aim to help dealers

ADP Lightspeed, a leading provider of computerized dealer management solutions, launched a new initiative to help dealers increase liquidity by identifying and recovering cash from frozen assets. Using data collected from the company’s network of thousands of dealers, ADP will publish four department-specific articles that focus on common cash management mistakes made at the department…more

Management team buys Valley Towing from parent

Valley Towing Product’s management team purchased Valley Towing Systems from former parent company Thule. The purchasing entity is named GRLC LLC and will continue its marketing efforts under the name Valley Towing. The primary investors include George Caplea, CEO and president; Richard Marsden, CFO; Larry Fisher, vice president of sales and marketing; Chris Fudala, vice…more

Revere Supply buys Safegard USA

Revere Supply, of Jacksonville, Fla., acquired Safegard USA, a manufacturer of recreational and commercial life jackets. Terms of the acquisition were not disclosed. Safegard USA has been a staple in the commercial market for many years and has developed such products such as the Type I 198RT wearable. Safegard has also had a strong presence…more

Sea Sport purchases Fluid Marine assets

Sea Sport Boats Inc., of Bellingham, Wash., purchased the assets of Fluid Marine, the Auburn, Wash.-based builder of C-Dory, Skagit Orca and Tom Cat boats. Sea Sport has been manufacturing boats for recreational use, charter use and governmental agencies since 1955. In 2006, the company purchased the assets of Osprey Boats and began building the…more

Dixie Marine purchased by Watermark group

Watermark Property Group of Baltimore acquired Dixie Marine in Miami. Dixie Marine is an authorized dealer for Mako, Seacraft and Southport, with showroom locations in Miami and Islamorada, Fla. The company also offers certified marine service and parts support for Evinrude, Mercury and Yamaha engines at the Miami location. Dixie Marine plans to open a…more

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