The household that based and operated Marine Group Boat Works since 2000 have offered it. The customer is a well-recognized face from all of that point, specifically the co-founder and president, Todd Roberts.
Primarily based in Chula Vista, California, and with one other yard in San Jose del Cabo, Mexico, Marine Group Boat Works focuses on superyacht refit and restore. It additionally constructs and repairs business vessels. It moreover owns the Fifth Avenue Touchdown marina in downtown San Diego, additional for superyachts.
Roberts and two companions finalized the acquisition. Particularly, Chip Besse, a yard consumer and entrepreneur with a number of holdings, is the brand new chairman of the board. The opposite companion is Skye Callantine, the founder and CEO of the funding firm Vigeo Investments. Roberts is now CEO, targeted on additional progress. “My group and I’ve a daring imaginative and prescient for increasing the MGBW model and pursuing new market segments, and our new companions share our imaginative and prescient,” he says.
Satirically sufficient, “I used to be initially supposed to shut this place down,” Roberts notes. “As a substitute, the Engel household took an opportunity on a younger man with large concepts, and collectively we constructed one thing particular.” Brothers Artwork, Herb, and David Engel employed Roberts, then age 27, in 2000 to wind down one in every of a number of boatyards they operated. Particularly, South Bay Boat Yard, courting to the Seventies and initially Southwest Marine, was struggling. Roberts, nonetheless, noticed nice potential in reimagining the positioning as a superyacht service yard. At his urging, the Engels invested $6.5 million. Six years later, the ability formally grew to become Marine Group Boat Works. Presently, it’s the largest refit yard on the West Coast.
That success reportedly attracted potential patrons in years previous. The Engels and Roberts resisted promoting in anticipation of Marine Group Boat Works having the ability to retain the id it had constructed. The 250 staff additional are remaining onboard. “Chip and Skye are younger, visionary, and prepared to take dangers once they see alternative,” Roberts explains. “However they’re additionally extraordinarily selective. They solely companion with firms with very wholesome financials, a powerful firm construction, and even stronger administration group.”
Within the brief time period, the shipyard entrance will endure renovations. The corporate intends to increase its Navy restore providers, in addition to its new-construction division. “This yr marks my twenty fifth anniversary with the corporate, and speak about a full-circle second,” Roberts displays. “We’ve got come a good distance, however I’d wish to suppose we’re additionally simply getting began.”
The power and Fifth Avenue Touchdown retain their FTZ standing. They grew to become the primary yacht-specific FTZs in California final yr. The Engel household retains its possession stake in Fifth Avenue Touchdown as properly.
Marine Group Boat Works marinegroupboatworks.com
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