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Bellingham Marine parent company is sold

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."

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