The principals of Carbon Craft Inc. have purchased Southport Boats for an undisclosed amount.
Anchors Aweigh Capital, a private investment firm, reportedly advised Carbon Craft on the transaction and a new holding company called Tuxedo Yachts has been formed to acquire boat businesses and will initially consist of the Carbon Craft and Southport Boat brands.
“Southport and Carbon Craft ensure your time on the water with family and friends is both comfortable and stylish,” Skip Sorenson, CEO of Tuxedo Yachts, said in a statement. “We were attracted to Southport Boats by their customer passion, dealer network and Maine-built craftsmanship. This is a unique opportunity to position these two luxury boating brands to outperform the market, deliver superior financial results and create the most memorable customer experiences.”
Initially, Southport owners sought additional investors for the business, but they ultimately decided to sell. The acquisition provides new capital for product development and expanded production capacity in a new facility that reportedly has four times more space.
“Our dealers and customers tell us Southport boats deliver a radically different ride that’s soft, aggressive and responsive,” said George Menezes, vice president and general manager of Southport Boats. “Everyone on our team is excited, as our innovations will continue to provide, and meet increased demand for, the highest fit and finish center consoles on the market.”
During the next few months Carbon Craft will exhibit at Cannes and Monaco in September and will be the official tender of the Fort Lauderdale International Boat Show in November.
Southport boats will attend the Newport and Annapolis shows, as well as FLIBS.