Hodgdon Yachts and Boothbay Region Boatyard set to merge
January 14, 2014
Filed under News
EAST BOOTHBAY, Maine - Hodgdon Yachts and Boothbay Region Boatyard announced today they have signed a letter of intent to merge Boothbay Region Boatyard in Southport and Wotton's Wharf in Boothbay Harbor with Hodgdon Yachts. The combination is expected to become final this spring.
Hodgdon Yachts President Timothy Hodgdon said, "Combining Boothbay Region Boatyard's outstanding facilities in Southport and Wotton's Wharf in Boothbay Harbor with our facilities in East Boothbay, Richmond and Damariscotta will create one of Maine's largest, full-service marine companies. We look forward to continuing to serve Boothbay Region Boatyard's existing customers while aggressively pursuing opportunities to grow the combined business."
Boothbay Region Boatyard will continue to provide maintenance and repair service to vessels ranging from outboard motorboats to yachts up to 80 feet. Hodgdon added, "The team at Boothbay Region Boatyard is highly regarded for their service capabilities and expertise in fiberglass, ship carpentry, finish, and electrical and mechanical services. We look forward to welcoming them to the Hodgdon Yachts team." After the combination of the two businesses and the addition of approximately 30 employees at Boothbay Region Boatyard, Hodgdon will employ about 150 people in the Boothbay region.
Sandy Spaulding, Hodgdon Yachts senior business advisor, will serve as interim general manager of Boothbay Region Boatyard as Hodgdon conducts a national search to permanently fill the position.
Wotton's Wharf, owned by Boothbay Region Boatyard, offers transient deep-water dockage for yachts up to 200 feet. Located on the west side of Boothbay Harbor, it is the home base to the annual Shipyard Cup™, a Hodgdon founded and hosted superyacht regatta that draws competitors from around the world and infuses significant dollars into the region each summer.
This combination is part of an ongoing effort by Hodgdon to diversify the fifth-generation-run company, one of the Boothbay region's largest private employers. Over the past 12 years, Hodgdon has grown from its roots as an internationally-known custom yacht builder to also become an industry leader in high-quality yacht construction involving innovative advanced composites design and construction, custom tenders for superyachts, yacht interiors, and projects for the United States Department of Defense. This new service division will add a significant element of diversification to the overall company. For Boothbay Region Boatyard, this combination will provide top-level management and opportunities to attract more project and refit work for yachts up to 80 feet.
Once the merger becomes final, Hodgdon will be operating facilities in all three of the Boothbay region's communities - Boothbay, Boothbay Harbor and Southport - in addition to a location in Richmond and a new location in Damariscotta.