|1/16/2014 12:00:00 PM|
Hodgdon Yachts and Boothbay Region Boatyard Sign
Letter of Intent to Merge
Hodgdon Yachts and Boothbay Region Boatyard announce 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
Boothbay Region Boatyard will continue to provide maintenance and repair
service to vessels ranging from outboard motorboats to yachts up to 80-feet.
Hodgdon said, "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 combining the two businesses and adding approximately 30 employees at
Boothbay Region Boatyard, Hodgdon will employ about 150 people in the
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 deepwater
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 super yacht 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
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 projects 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
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