Walstrom Marine announced that Continuum Ventures and Colony Marine are investing in the 75-year family run business as part of company’s long-term succession plan.
Continuum Ventures, an investment management company for the Doug and Maria DeVos family, will assume a majority ownership stake in Walstrom Marine. Both Colony Marine, owned and operated by the Pete Beauregard family and the James Mestdagh family, will assume a minority ownership stake. The Ward Walstrom family will remain actively involved as a minority owner and Tom Ervin will remain in his role as President.
“We are proud to celebrate our 75th anniversary this year and in forging these partnerships we are setting up the business for long-term success over the next 75-years,” said Ward Walstrom. “This will usher in a new era of boating that gives us greater potential for growth and the opportunity to better meet the needs of an ever-changing market”.
This partnership brings together passion for the industry, aligned values, and nearly 200 years combined experience managing family-owned businesses.
Walstrom Marine was founded in 1946 and is now a second-generation family-run company offering the highest quality full-service boating experience in Northern Michigan with locations in Harbor Springs, Traverse City, Bay Harbor, Charlevoix, and Cheboygan. Walstrom has more than 70 employees who proudly represent the finest boat brands – Tiara Yachts, Pursuit Boats, Chris Craft, Sea Ray & Lund, Crest, and NauticStar.
“Boating, Northern Michigan, and the Great Lakes are near and dear to our family and our hearts,” said Doug DeVos, founder of Continuum Ventures. “We are honored to now be part of the Walstrom family and look forward to working with Colony Marine and the Walstrom team to be good stewards of this amazing business and company. We are passionate about and interested in growing our presence in the Marine industry and are excited for this great partnership.”
Colony Marine is thrilled to join the Walstrom family as this partnership further expands their presence on the Great Lakes and enhances their ability to service customers. “Walstrom Marine is a leader in our industry and has an exceptional track record of superior service representing many of the best brands in the industry,” said Pete Beauregard, CEO/Owner of Colony Marine. “We look forward to working with Continuum Ventures and Walstrom Marine in serving the Great Lakes and growing the business.”
Under the new partnership – the company will continue to operate under the Walstrom Marine brand – honoring the strength and reputation of the name and the 75-year history of success.