Sale of Lockwood Marine completed

SHELLMAN BLUFF, Ga. – A long planned ownership change at Lockwood Marine in Shellman Bluff, Ga. was completed earlier this month as Michelle and Jerry Ham, who have functioned as CFO and president of the business respectively, have now completed the purchase.

The Hams have owned more than 15 percent of the company’s stock each for four years, and have now purchased the remainder plus the buildings and over seven acres of land.

Lockwood Marine was founded in 1988 as a subsidiary of John L. Underwood Co., Inc. of Atlanta. It was first managed by John Underwood, IV (Jack) under the tutelage of his father, John, III. After Jack’s major auto accident injury in 1992, a series of general managers worked under Underwood Company guidance, the last being Jerry Ham beginning in 2002. Michelle then came aboard to guide day-to-day financial affairs.

Underwood has been granted the title of “Chairman Emeritus” by the Hams. His son Doug will take over complete management of John L. Underwood Company and its other subsidiaries at year’s end. He plans to stay active in the industry and still personally owns Barbour River Yacht Club, a small membership marina on the Georgia coast. His wife, Bunny, shares its management with him.

Lockwood Marine’s boat lines currently include Grady-White, Regulator, Scout, Carolina Skiff and Cape Horn. Engines sold and serviced are Yamaha, Honda and Mercury.

Lockwood has experienced a record sales year in 2007, the company reported in its press release.

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