RADNOR, Pa., Aug. 31, 2023 /PRNewswire/ — Saothair Capital Partners, LLC (“Saothair”), a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, announced it has acquired the business and assets of MJM Yachts (“MJM”) through Seolta Holdings, LLC (“Seolta”), a newly-formed affiliate.
Founded in 2002 by Robert Johnstone and based in Washington, North Carolina, MJM (www.mjmyachts.com) is an industry-leading designer and builder of high-performance Carolina Downeast-style luxury yachts. MJM uses advanced composites and cutting-edge processes to build lighter, stronger, and faster boats with a superior rider experience. Peter Johnstone, who has led MJM since 2019, will serve as President and Chief Executive Officer of Seolta.
Kevin Madden, Co-founder and Managing Partner of Saothair, said, “We are tremendously excited to be partnering with Peter in this next chapter for the MJM brand. MJM has a rich history and an extraordinary reputation for quality, performance, and design, and we are thrilled to be able to provide the necessary investment to further grow MJM as a leading producer of luxury yachts.”
Richard Lozyniak, Co-founder and Operating Partner of Saothair, added, “Our investment behind Peter and the entire team will provide the company with the capital necessary to grow the business and build the MJM brand aggressively.”
“In 2021, we started our own manufacturing and developed leading high-tech production processes,” said Mr. Johnstone. “Sales doubled, and demand continues to grow. Our mission is to deliver MJM customers their fondest shared adventures, regardless of conditions. Market-leading yachts result from terrific people. We thank our dealer network, loyal owners, industry vendors and dedicated workforce. Rich and Kevin will further strengthen the team that is committed to our success. Seolta’s support will fuel MJM’s ascent further. I am thrilled to be able to bring MJM to the next level. We look forward to seeing you at the fall boat shows!”
Legal counsel to Saothair and Seolta was provided by Jenner & Block. MJM Yachts utilized Nelson Mullins for legal counsel and SierraConstellation Partners as advisors.
About Saothair Capital Partners
Saothair is a private investment firm focused exclusively on investing in middle-market manufacturing and industrial businesses facing unique financial or operational challenges. Saothair makes controlling equity investments in companies across various industries, including paper & packaging, plastics, metals processing, automotive, building products, healthcare-related products, food & beverage, and other manufacturing. Saothair works in partnership with each key stakeholder invested in the business’s long-term success. For more information, please see www.saothair.com.
SOURCE Saothair Capital Partners, LLC
Credit: Source link