The family that founded and operated Marine Group Boat Works since 1986 have sold it. The buyer is a familiar face from all of that time, namely the co-founder and president, Todd Roberts.
Based in Chula Vista, California, and with another yard in San Jose del Cabo, Mexico, Marine Group Boat Works specializes in superyacht refit and repair. It also constructs and repairs commercial vessels. It additionally owns the Fifth Avenue Landing marina in downtown San Diego, further for superyachts.
Roberts and two partners finalized the acquisition. Namely, Chip Besse, a yard client and entrepreneur with multiple holdings, is the new chairman of the board. The other partner is Skye Callantine, the founder and CEO of the investment company Vigeo Investments. Roberts is now CEO, focused on further growth. “My team and I have a bold vision for expanding the MGBW brand and pursuing new market segments, and our new partners share our vision,” he says.
Ironically enough, “I was originally supposed to close this place down,” Roberts notes. “Instead, the Engel family took a chance on a young guy with big ideas, and together we built something special.” Brothers Art, Herb, and David Engel hired Roberts, then age 27, in 2000 to wind down one of several boatyards they operated since the 1980s. Specifically, South Bay Boat Yard, dating to the 1970s and originally Southwest Marine, was struggling. Roberts, however, saw great potential in reimagining the site as a superyacht service yard. At his urging, the Engels invested $6.5 million. Six years later, the facility officially became Marine Group Boat Works. Currently, it’s the biggest refit yard on the West Coast.
That success reportedly attracted potential buyers in years past. The Engels and Roberts resisted selling in anticipation of Marine Group Boat Works being able to retain the identity it had built. The 250 employees further are remaining onboard. “Chip and Skye are young, visionary, and willing to take risks when they see opportunity,” Roberts explains. “But they are also extremely selective. They only partner with companies with very healthy financials, a strong company structure, and even stronger management team.”
In the short term, the shipyard entrance will undergo renovations. The company intends to expand its Navy repair services, as well as its new-construction division. “This year marks my 25th anniversary with the company, and talk about a full-circle moment,” Roberts reflects. “We have come a long way, but I’d like to think we’re also just getting started.”
The facility and Fifth Avenue Landing retain their FTZ status. They became the first yacht-specific FTZs in California last year. The Engel family retains its ownership stake in Fifth Avenue Landing as well.
Marine Group Boat Works marinegroupboatworks.com
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