Walstrom Marine, a dealership and marina with several locations in Michigan, said investment management company Continuum Ventures and Colony Marine, a Great Lakes-based marina group, will split ownership with Walstrom, a first step in the company’s succession plan.
Continuum will assume a majority stake, with Colony and Walstrom having minority ownership. The Walstrom family will remain involved the operation, and Tom Ervin will continue as president, the company said in a statement.
“We are proud to celebrate our 75th anniversary this year, and in forging these partnerships, we are setting up the business for long-term success over the next 75 years,” Ward Walstrom said. “This will usher in a new era of boating that gives us greater potential for growth and the opportunity to better meet the needs of an ever-changing market.”
Walstrom has five locations in northern Michigan: Harbor Springs, Traverse City, Bay Harbor, Charlevoix and Cheboygan. The company’s model lines include Tiara, Pursuit, Chris-Craft, Sea Ray, Lund, Crest and NauticStar.
“Boating, northern Michigan and the Great Lakes are near and dear to our family and our hearts,” said Continuum Ventures founder Doug DeVos. “We are honored to now be part of the Walstrom family and look forward to working with Colony Marine and the Walstrom team to be good stewards of this amazing business and company.”
Added Colony CEO Pete Beauregard: “Walstrom Marine is a leader in our industry and has an exceptional track record of superior service representing many of the best brands in the industry. We look forward to working with Continuum Ventures and Walstrom Marine in serving the Great Lakes and growing the business.”