Skip to main content

Harken sells Wisconsin headquarters

Harken

Harken, which manufactures marine hardware and accessories, has sold its 170,000-sq. foot facility in Wisconsin for $15 million as part of a sale-leaseback arrangement. Harken said it plans to use the proceeds to accelerate its growth.

“Harken is in the strongest position in its history economically,” Harken CEO Bill Goggins told Trade Only Today. “This was just a way to liquidate some real estate chips to invest bank into the business.”

The Pewaukee headquarters, which includes 30,000 square feet of offices, was constructed in 2010. Goggins said that the decision to build during the depths of the recession meant “a lot of real estate gains” during the current upswing in commercial real estate sales.

“We’re staying right where we are,” added Goggins. “But this capital gives us the opportunity to grow the company through acquisitions, rather than just organically. We’re not ready to announce anything yet.”

“We will certainly continue to focus on organic growth,” added co-owner and co-founder Peter Harken in a statement. “With this sale, we may also consider some strategic acquisition opportunities in our marine and industrial markets.”

Harken manufactures products in the U.S. and Italy. It has offices in 48 countries, with group offices in Australia, France, Italy, New Zealand, Poland, Sweden, and the U.K.

David Buckley and Jim Barry of Milwaukee-based The Barry Co. brokered the transaction. Barry said the Harken sale represents the largest industrial sale-leaseback deal in region this year.

Related

A Tax Incentive for Innovation

A deep dive into the research and development tax credit usually yields savings

ABYC Reschedules Meetings

Postponed due to Covid, the annual meeting goes virtual in February, and the Marine Law Symposium moves to April in Providence, R.I.

Daiwa Appoints Marketing Manager

Marc Mills will handle marketing efforts for North American and South American markets.

VIP Access Available for MIBS

The tickets include admission to the VIP lounges at One Herald Plaza and the Miami Beach Convention Center, along with other perks.

South Fork Wind Farm Gets EPA Approval

The Clean Air Act permit contains pollution control requirements for the construction and operation of the wind farm, which will be located southwest of Martha’s Vineyard.

Dockmate Launches New Technology

The SoftDocking wireless remote control system eliminates the delay between engaging the throttle and the boat beginning to move.

Minneapolis Innovation Award Winners Announced

NMMA and Boating Writers International handed out the awards in four categories during the Minneapolis Boat Show preview yesterday.