American Global Yacht Group has entered into an agreement to acquire Southport Boat Works. The agreement is expected to be completed within the next few weeks.
AGYG says it will continue to produce Southport fiberglass sportfishing boats at the 52,000-square-foot plant in Leland, N.C. Southport builds a line of 26- and 28-foot sportfishing boats and distributes them through dealerships in the United States, Puerto Rico, Australia and Europe.
"We are pleased to acquire what we consider to be a great line of fishing boats, and look forward to working with the talented Southport work force," said Jerry Cureton, AGYG principal.
"These economic times create challenges ... but they also create opportunities. We saw an opportunity to expand," Cureton told Soundings Trade Only this morning. "We are the largest dealer for Southport, and we love the line. When we saw an opportunity to purchase Southport, we jumped on it. We're really excited about it."
Southport managing partner Frank Longino says merging with AGYG will allow Southport to expand its brand "with a strong building and marketing partner."
"In addition, this relationship assures continued employment opportunities for our workers," he added.
AGYG makes Outer Reef, Molokai Strait and Newport yachts, and also markets Hunt Yachts, Southport, Formula, Apreamare and Rivolta Yachts. Headquartered in Fort Lauderdale, the company operates sales and service operations in Maryland, Florida, Washington, Canada and Australia.