Hodgdon Yachts and the Boothbay Region Boatyard said they signed a letter of intent to merge the Boothbay Region Boatyard in Southport and Wotton's Wharf in Boothbay Harbor with Hodgdon Yachts.
The combination is expected to become final this spring.
"Combining Boothbay Region Boatyard's outstanding facilities in Southport and Wotton's Wharf in Boothbay Harbor with our facilities in East Boothbay, Richmond and Damariscotta will create one of Maine's largest full-service marine companies,” Hodgdon Yachts president Timothy Hodgdon said in a statement. “We look forward to continuing to serve Boothbay Region Boatyard's existing customers while aggressively pursuing opportunities to grow the combined business."
The Boothbay Region Boatyard will continue to provide maintenance and repair service to vessels ranging from outboard motorboats to yachts as large as 80 feet.
"The team at Boothbay Region Boatyard is highly regarded for their service capabilities and expertise in fiberglass, ship carpentry, finish, and electrical and mechanical services,” Hodgdon added. “We look forward to welcoming them to the Hodgdon Yachts team."
After the combination of the two businesses and the addition of about 30 employees at the Boothbay Region Boatyard, Hodgdon will employ about 150 people in the Boothbay region.
Hodgdon Yachts senior business adviser Sandy Spaulding will serve as interim general manager of Boothbay Region Boatyard as Hodgdon conducts a national search to permanently fill the position.
Wotton's Wharf, owned by Boothbay Region Boatyard, offers transient deep-water dockage for yachts as large as 200 feet. Located on the west side of Boothbay Harbor, it is the home base for the annual Shipyard Cup, a Hodgdon-founded and hosted superyacht regatta that draws competitors from around the world and infuses significant dollars into the region each summer.
This combination is part of an ongoing effort by Hodgdon to diversify the fifth-generation-run company, one of the Boothbay region's largest private employers. During the past 12 years, Hodgdon has grown from its roots as an internationally known custom yacht builder to also become an industry leader in high-quality yacht construction involving innovative advanced composites design and construction, custom tenders for superyachts, yacht interiors and projects for the U.S. Department of Defense.
This new service division will add a significant element of diversification to the overall company. For Boothbay Region Boatyard, the combination will provide top-level management and opportunities to attract more project and refit work for yachts as large as 80 feet.
Once the merger becomes final, Hodgdon will be operating facilities in all three of the Boothbay region's communities — Boothbay, Boothbay Harbor and Southport — in addition to a location in Richmond and a new location in Damariscotta.