James River Ventures acquires Ocean Marine
PORTSMOUTH, Va. – James River Ventures, a New England investment consortium, has attained Ocean Marine from Marine Hydraulics International, James River Ventures said in a press release Tuesday. The new owners simultaneously reported a collaborative effort with Colonna Yachts to further expand Ocean’s capabilities and opportunities in repairing and refitting megayachts.
Originally the home of a Hampton Roads Coast Guard station, MHI acquired the 19.5-acre site from the City of Portsmouth in 2001. At that time, MHI installed a 1,250-ton NAVSEA-certified Synchrolift capable of hauling yachts up to 240 feet long. In addition, MHI constructed twin 275-foot climate-controlled buildings to accommodate year-round repairs, refits and paint work.
“The existing workforce is critical to the success of Ocean Marine,” said new owners, John S. Johnson and Jim Mattingly, James River Ventures. “The present employees are highly skilled and have had incredible loyalty to Ocean Marine since its inception in 2001.”
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