EDGEWATER, Fla. – Grand Crossing Capital Partners LP, a family-backed private equity firm based in Chicago, today announced it has acquired a majority stake in Everglades Marine Holdings LLC and RJ Dougherty Associates LLC (operating as “Everglades”). Terms of the transaction were not disclosed.
Everglades specializes in premium offshore fishing boats. Founded in 1997 by boating industry legend and former Boston Whaler executive Robert J. Dougherty, Everglades revolutionized the boat building industry with the invention of the RAMCAP process for one-piece, unsinkable hulls. Everglades has received numerous industry awards and a reputation for safety, performance and quality.
“We are delighted to partner with Grand Crossing to continue building the highest quality boats in the industry and servicing our loyal customers through our best-in-class dealer network. With fresh capital, Everglades will accelerate product development and geographic expansion, while continuing to bring cutting-edge innovation to the market,” said Dougherty.
Dougherty will be retiring as CEO but will remain an investor in the company. The remainder of the Everglades team will stay in place and be led by Executive Chairman and Interim CEO Tom Flocco, formerly the CEO of Beam Global (now Beam Suntory) and a partner at McKinsey & Company. An avid boater, Flocco has spent his career focused on consumer products and supply chain initiatives, including work within the marine industry.
“This investment follows Everglades’ best sales year to date and is a testament to the company’s legendary product portfolio and strong team. We are confident in continued success and excited about the opportunities ahead,” added Flocco.
Grand Crossing Capital LLC is a Chicago-based private equity firm focused on branded consumer and retail businesses. With its unique family office backing, the firm takes a patient approach to investing and focuses on long-term potential.
Everglades is the third investment in Grand Crossing’s current fund. More information can be found at www.grandcrossing.com.
Raymond James acted as financial advisors and Cooley LLP served as legal advisor to Everglades. Katten Muchin Rosenman LLP served as legal advisor to Grand Crossing. Financing was provided by SunTrust Bank.