Southport Boats suspended operations pending a sale of the company's assets by American Global Yacht Group, which purchased Southport's assets last June.
Operations were suspended last week, Southport's former CEO, Frank Longino, told Soundings Trade Only this morning. About 15 employees will be affected by the suspension, he said.
"AGYG originally purchased Southport as part of a strategic plan to purchase and manufacture Southport Boats, as well as other boat brands, and market those brands through AGYG boat and yacht sales locations," the company said in a statement.
"Subsequent to the Southport purchase, however, AGYG exited the boat sales and brokerage business and closed all their locations, leaving Southport's boat manufacturing operation the only AGYG operating subsidiary," the company added.
The sale includes all assets of the company, the trade name and records, and can be completed with or without the lease on Southport's 52,000-square-foot facility in Leland, N.C.
"Southport remains a strong brand, with over 400 units in the field and an involved, supportive customer base," Longino said. "We anticipate a quick and orderly sales process. There's been quite a lot of interest."
E-mail firstname.lastname@example.org for information on the sale.
When AGYG announced its purchase of Southport last year, principal Jerry Cureton told Soundings Trade Only that it provided a good opportunity for AGYG's expansion
"These economic times create challenges ... but they also create opportunities. We saw an opportunity to expand," Cureton said last year. "We are the largest dealer for Southport and we love the line. When we saw an opportunity to purchase Southport, we jumped on it. We're really excited about it."