March 29, 2024

Cocoabar21 Clinton

Truly Business

DeVos expenditure organization acquires greater part stake in Northern Michigan marine firm

2 min read

The family members investment decision organization of Doug and Maria DeVos has acquired a majority stake in Walstrom Maritime Inc., a yacht gross sales and support corporation and marina operator in Northern Michigan.

Grand Rapids-primarily based Continuum Ventures LLC invested in Walstrom Maritime with Colony Marine Sales and Support Inc., a substantial relatives-owned boat vendor and service enterprise centered in St. Clair Shores that assumed a minority ownership position in the 75-calendar year-aged Walstrom Marine.

“Boating, Northern Michigan, and the Good Lakes are around and expensive to our family members and our hearts,” Doug DeVos said in an announcement on the deal. “We are honored to now be section of the Walstrom loved ones and seem forward to doing the job with Colony Marine and the Walstrom workforce to be fantastic stewards of this astounding business and organization. We are passionate about and fascinated in expanding our existence in the Maritime field and are fired up for this great partnership.”

Financial conditions of the deal that shut Tuesday were undisclosed.

In investing in Walstrom Marine with Colony Maritime, “we’re partnering with two definitely potent household organizations that share values with us,” Continuum Ventures CEO Mike Cazer reported.

Walstrom Maritime has places in Harbor Springs, Traverse City, Bay Harbor, Charlevoix and Cheboygan and employs more than 70 people. The firm sells yachts built by Tiara Yachts, Pursuit Boats, Chris Craft, Sea Ray & Lund, Crest, and NauticStar.

The Walstrom spouse and children ideas to stay actively concerned in the company as a minority owner. Tom Ervin stays as president and the corporation will go on operating less than the Walstrom model identify.

“This will usher in a new era of boating that offers us better possible for expansion and the opportunity to greater satisfy the needs of an at any time-modifying current market,” said CEO Ward Walstrom.

Cazer said the offer arrived alongside one another after the head of the DeVos-owned Wakestream Marine LLC realized previous yr that the Walstrom family members was hunting for exterior buyers.

The DeVoses and the Walstrom household have recognized each individual other considering the fact that the 1970s, and Doug DeVos has very long been a client of Walstrom Maritime, he said.

“We’re actually fired up about this area,” he claimed. “The maritime area is in our sweet location. There are a couple of points we want to invest in, and Michigan and marine are two subjects at the best of our listing.”

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