mjm yachts saothair

Saothair Capital Partners Completes the Acquisition of MJM Yachts

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

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Saothair Goes Cruising with MJM Yachts

Mjm is a designer and builder of carolina downeast-style luxury yachts used in sportfishing, cruising, and entertaining.

MJM's yachts include inboard or outboard diesel engines, spacious cockpits, and an enclosed cabin or pilothouse for comfort in various weather conditions.

Source: mjm yachts.

• By John McNulty
• September 7, 2023

MJM is a designer and builder of high-performance Carolina Downeast-style luxury yachts. Carolina Downeast-style boats are a classic type of recreational boat originating from the New England and Atlantic Canadian regions. These boats – used for sportfishing, cruising, and entertaining – typically feature a single inboard diesel engine, spacious cockpits, and often have an enclosed cabin or pilothouse for comfort in various weather conditions.

MJM was founded in 2002 by Robert Johnstone and is based in Washington, North Carolina. Peter Johnstone , who has led MJM since 2019, will serve as the president and chief executive officer of Seolta.

“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.”

Saothair was co-founded in November 2019 by former KPS Capital Partners’ professional Kevin Madden and Richard Lozyniak , a former CEO of three KPS portfolio companies. The firm is headquartered near Philadelphia in Radnor, Pennsylvania.

“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,” said Mr. Lozyniak.

“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,” added Mr. Johnstone.

Los Angeles-based SierraConstellation Partners was the financial advisor to MJM Yachts.

© 2023 Private Equity Professional | September 7, 2023

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Published on September 12th, 2023 | by Editor

Private equity firm buys MJM Yachts

Published on September 12th, 2023 by Editor -->

Saothair Capital Partners, LLC (Saothair), a private equity firm specializing exclusively in middle-market manufacturing and industrial companies, has acquired the MJM Yachts business and assets of MJM Yachts (MJM) through its newly formed affiliate, Seolta Holdings, LLC (Seolta).

MJM Yachts was founded in 2002 by Bob Johnstone, who, in 1977 co-founded J/ Boats, Inc., the world’s leading brand of performance sailboats. In 2019, Johnstone sold MJM to his son Peter.

In 2021, MJM started production in its new MJM Yachts factory in North Carolina. MJM’s market-leading high-tech, post-cured, epoxy infusion process has led to lighter, stronger, more durable composites, which further improved the impressive performance and fuel economy.

While enduring pandemic, supply chain, and factory start-up challenges, MJM managed to double output. The formation of Seolta Holdings will lead to further increases in output and sales growth to meet MJM’s increasing demand. The past year has created a battled-tested MJM factory team ready to take MJM to the next level.

“We are thrilled to embark on this new chapter for the MJM brand,” said Kevin Madden, Co-founder, and Managing Partner of Saothair. “With its rich history, outstanding reputation for quality, performance, and design, MJM has established itself as a leading producer of luxury yachts. We are committed to providing the necessary investment to further grow MJM’s prominence in the industry.”

Richard Lozyniak, Co-founder, and Operating Partner of Saothair, added, “Our investment, together with Peter and the entire team, will provide the company with the capital required to expand the business and solidify the MJM brand aggressively.”

Rich and Kevin bring invaluable expertise to the MJM Team and its next chapter as Seolta Holdings. They have appointed Peter Johnstone as President and Chief Executive Officer of Seolta.

Tags: Industry , MJM Yachts , Peter Johnstone

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