Canadian custom yacht builder Covey Island Boatworks announced an investment and strategic partnership with Costa Rica-based Cabo Rico Custom Yachts.
The equity investment Covey Island is making will see production at the Cabo Rico yard continue, and an emphasis will be placed on the CR56 and CR42, as well as its Northeast 400 and 450 motorsailers.
“Our businesses share a similar pedigree and we have tremendous synergies,” Covey Island Boatworks president John Steele said in a statement. “We are very excited about this opportunity, which is complementary and a win-win for both companies.”
“Covey Island will be established as both a dealer for Cabo Rico and as their Northeastern service and repair facility, which will complement Covey's traditional custom-yacht-building portfolio and give Cabo Rico a significant East Coast base,” Covey Island Boatworks general manager Alan Hutchinson said in a statement.
Nova Scotia-based Covey Island also will provide marketing, administrative and procurement services to Cabo Rico through the partnership.