Rybovich Spencer nears final agreement with investor

WEST PALM BEACH, Fla. – Yacht yard, boat builder and marina operator Rybovich Spencer are near final agreement with an entity led by South Florida businessman Wayne Huizenga, the company reported in a statement today.

This transaction, which could be completed in the first quarter of 2004, will pave the way for a significant renovation to the yacht yard; an expansion of the Rybovich boat building operations; and additional property enhancements, according to the company.

Jim Bronstien, current president and shareholder of the company, would remain in his role as president and colleague Bill Yeargin would remain in his role as executive vice-president, it was reported.

“We have a great business and a great property and it is our goal to enhance them both beyond what we could do with our own resources,” said Bronstein. “We have always envisioned that one day we would be able to take the business and property to the next level. That day may be very near.”

If the agreement reaches completion, plans would include enhancing the service facilities to address the opportunities presented by today’s larger and more sophisticated yachts, updating and expanding the marina to handle more yachts of all sizes, and adding additional property amenities to areas that are underutilized, reported Rybovich Spencer. An expansion and enhancement of the Rybovich boat building business would also be anticipated.

Huizenga’s organization has a record of substantial investments in the marine businesses it owns, the company reported. Through a controlling interest in the public company, Boca Resorts, it has acquired Pier 66 and Bahia Mar marinas in Fort Lauderdale, as well as the Boca Raton Resort and Marina in Boca Raton. It also privately owns two other smaller marinas.

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