Sorfam Capital acquires historic American boatbuilding company
Private equity firm Sorfam Capital has acquired an American boatbuilding company, Century Boats, for an undisclosed amount.
Sorfam purchased Century Boats' parent company, All Craft Marine, and will continue operations at its headquarters in Zephyrhills, located just north of Tampa. Sorfam and All Craft Marine were both represented by Anchors Aweigh Capital, a boutique investment banking and consulting firm focused exclusively on the maritime industry.
Century Boats will now be led by president and CEO, Lloyd R ‘Skip’ Sorenson, who is also Sorfam’s managing partner and a fourth-generation shipbuilder who has been involved in a multitude of merger and acquisition transactions throughout his career. Founded in 1926, Century Boats is one of the oldest boat businesses in the United States. With over 10,000 vessels produced in its 95-year history, the brand is known for high-quality off-shore fishing and in-shore family cruising boats.
"I'm thrilled to be a part of such an esteemed company with such an impressive heritage as Century Boats," says Sorenson, whose private equity firm acquires and assists companies in the maritime, aerospace, industrial, technology, and service businesses.
"With an infusion of capital, our existing dealer's sales efforts, and a new leadership team, we intend to grow the business by implementing market-moving marketing initiatives, introducing new and refreshed products, expanding our dealership network to new regions, and providing best-in-class customer service," continues Sorenson.
"We really felt the combination of Sorfam's expertise in the marine industry coupled with Century's Brand was a potent, winning combination, just what was needed to inject new momentum into the business and dealer network," comments Mike Moran, managing director of Anchors Aweigh Capital.
Bryan Lucius, former president of Century Boats, who has transitioned to senior vice president of sales and dealer relationships, says: "We've been working with Anchors Aweigh for 18 months, their ideas and support have been instrumental in building backlog and positioning us for this next growth phase, we couldn't be more excited." Lucius will work alongside Sorenson on the company's strategies and sales initiatives moving forward. His family remains part of the ownership group.