The principals of Carbon Craft Inc. have acquired Southport Boats for an undisclosed amount. Anchors Aweigh Capital, a private investment firm focused on maritime businesses, advised Carbon Craft on the transaction.
A new holding company named “Tuxedo Yachts” has been formed to acquire luxury oriented boat businesses and will initially consist of the Carbon Craft and Southport Boat brands.
Southport Boats are known for a Ray Hunt Design hull which combines offshore racing technology with composite manufacturing capabilities.
“We were attracted to Southport Boats by their customer passion, dealer network, and Maine-built craftsmanship," said Skip Sorenson, CEO of Tuxedo Yachts. "This is a unique opportunity to position these two luxury boating brands to outperform the market, deliver superior financial results and create the most memorable customer experiences.”
The owners of Southport Boats initially sought additional investors for the business, but the interest was so high, they ultimately decided to sell the entire business. The acquisition provides new capital for product development and expanded production capacity in a new facility with four times greater space.
“Our dealers and customers tell us Southport boats deliver a radically different ride that’s soft, aggressive and responsive,” said George Menezes, vice president and general manager for Southport Boats. “Everyone on our team is excited as our innovations will continue to provide, and meet increased demand for, the highest fit and finish center consoles on the market.”
Both Southport Boats and Carbon Craft will be exhibiting at major boat shows in the next few months. Carbon Craft will be in Cannes and Monaco during the month of September.
Carbon Craft is also the official tender of the November Fort Lauderdale International Boat Show. Southport Boats is attending the Newport and Annapolis boat shows, as well FLIBS, where they will be providing VIP tender service.
Anchors Aweigh Capital will launch a new capital fund to enable additional brand acquisitions. Interested investors should call 877-402-6246 for more information.