Ambassadors Marine Group, parent company of Bellingham Marine and BellPort Group, was sold to Bellwether Financial Group, which is headed by president and CEO Joe Ueberroth, a former director, president and CEO for Ambassadors.
The transaction, which was concluded earlier this week, consisted of cash, forgiveness of debt and assumption of liabilities in excess of $24 million. Both BMI and BPG will be privately held companies acting as independent entities.
"This change will return BMI to its former position as a proactive and strategic company, with a long term vision," Ueberroth said in a statement.
"As the leader in the field of marina design-build construction, BMI is well-suited to come through these difficult economic times as a stronger and better-positioned company," he added. "Similarly, as a leading operator of shipyards in Southern California, BPG is in excellent shape, and is poised to grow with the return of the market."