Nautical Ventures Group said it purchased a 51 percent stake in LukFuel, a direct-to-dock fuel delivery company in South Florida.
The group, a consortium of South Florida investors, said the acquisition is part of an ongoing strategy for growth in the recreational marine market in that region of the state.
“Since the formation of Nautical Ventures Group last year, we’ve been looking for the right business components to make us a single-source supplier for the local South Florida marine community,” Nautical Ventures CEO Roger Moore said in a statement.
“Our local boating market is ripe for an economic rebound and we’re establishing a strong foundation on which to build our organization upon. Adding LukFuel to our portfolio gives us a valuable component on the service side of our business.”
This move follows the recent opening of a 30,000-square-foot retail showroom and service center and the acquisition last year of River Bend Marine Center.
Nautical Ventures said LukFuel’s local fleet of four tanker trucks will double this year and the business will expand into new market segments with bulk fuel delivery programs tailored to select, high-usage clients.
LukFuel said its growth “has been exponential these last few years, and now with the help and industry connections that the Nautical Ventures Group can provide, we estimate our sales will triple over the next 12 to 18 months.”