pamlico yachtworks

The MJM Story

A boating passion.

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. J/Boats currently has 15,000 boats sailing worldwide and 20+ Boat of the Year awards to its credit. Bob is a member of the National Sailing Hall of Fame and recipient of the prestigious Mystic Seaport America and the Sea honor.

When Bob retired from J/Boats, he didn’t retire from boating, you may say he did more boating by cruising the coast from Newport to Maine with his Wife Mary in a powerboat. Asked why the move to power, Bob replied, “we got older, so our boats had to reverse roles. I can enjoy a day sail on the latest J/, but quality cruising time is on a motorboat.” And, not just any motorboat, Mary Johnstone’s Motorboat.

The boat that could easily be docked single-handed, seat three couples comfortably in an all-weather pilothouse and cruise at 25+ knots to outrun waves offshore didn’t exist in ‘02. So, as he did at J/Boats, Bob created a new boat, feeling confident that others would be like-minded in wanting a more practical, fun, easier-to-own boat. Bob’s wife Mary was the inspiration for the name. The brand became MJM – Mary Johnstone’s Motorboat.

Priority one was to find a yacht designer with the best eye in the business to draw a pretty boat combining the features of Bob’s favorite powerboats: the powder-horn sheer of a WW II Elco PT Boat, the bow flare of a Carolina sportfish, the sexy tumblehome of an Adirondack runabout, the 360°sightlines of a 1950’s Matthews cruiser and the open pilothouse and flush deck of a Maine lobster boat. So, with son Peter (former-CEO of Sunfish Laser & founder of Gunboat), they brainstormed. A month later the signature MJM look was born.

No powerboat builder could be found with the hi-tech experience required to build a boat that met Bob’s marketing goal of “best performing brand.” So, he went back to his sailboat roots and found a master builder who’d been building America’s Cup and world championship winning sailboats for 35 years to partner with. MJM makes sure that each new model meets their personal standard: Best performing brand.

Fast forward to 2019 and a now retired Bob turned over the helm to Son Peter, as the new owner and Chairman. Seeing opportunities to embrace available technology to improve the build process and materials, Peter established Pamlico Yachtworks in Washington, NC in 2021. Under Peter’s guidance, MJM was now the builder and the MJM team would continue to tweak and improve the existing MJM 35, and launch the new, open bow MJM 3 day yacht.

MJM has become the leader for all-weather/all-conditions capably day and cruising performance yachts. Now built utilizing the vacuum infused, post-cured, Epoxy composite process resulting in a stronger, lighter, faster, more efficient yacht. This process, combined with the advanced hull geometry delivers an impressive and class leader ride stability and smoothness.

To experience an MJM firsthand, connect with one of dealer partners or email [email protected] .

By 2021, all design and engineering were also inhouse, increasing efficiency and responsiveness to the market.

In 2022 MJM unveiled the MJM 4, a remarkable 46-foot, open bow outboard express day yacht with very comfortable overnight capabilities. This model, in combination with the MJM 3, and the increased popularity of the proven MJM 35 drove a dramatic and sustained growth of new boat orders.

Leading the market segment in sales, and with the newest MJM cruising model, the MJM 42 under construction, demand for new MJM’s was exponential. Late in 2023, MJM Yachts LLC was acquired by Saothair Capital Partners, LLC ("Saothair"), a private equity firm specializing exclusively in middle-market manufacturing and industrial companies, has acquired the business and assets of MJM Yachts ("MJM") through its newly formed affiliate, Seolta Holdings, LLC (“Seolta”). Peter Johnstone maintains a minority ownership and has been appointed as President and Chief Executive Officer of Seolta.

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Pamlico Yachtworks Department: Accounting Position: CFO

Pamlico Yachtworks seeks CFO well-versed in all aspects of financial management ranging from simple accounting to broad investment and banking operations.

Key attributes for candidates:

• High-plant-touch orientation
• High technical financial, accounting and tax expertise, along with
• Exceptional “affability/teaming” attributes, in
• Complex, mid-tier manufacturing environments

Employee Duties & Responsibilities

• monthly/periodic financial reports and analyses.
• projections and budgets
• reconciliation with requisite supporting information for accurate presentation of the financial reports.
• Oversees the accounting function (accounting, accounts payable and payroll) and billing and collections functions of the organization.
• forecasting cash flows and operating results
• presenting financial and other information to the leadership team and the Board of Directors.

Requirements and skills

• Proven experience as CFO, finance officer or relevant role
• In depth knowledge of corporate financial law and risk management practices
• Excellent knowledge of data analysis and forecasting methods
• Proficient in the use of MS Office, MS Excel, QuickBooks, ERP and financial management software
• CPA is a strong advantage
• BSc/BA in Accounting, Finance or relevant field; MSc/MBA is a plus

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Pamlico Yachtworks to invest $12 million, hire more than 200 in Beaufort County

by Tyler Hardin and Sydney Basden

WASHINGTON, Beaufort County — A new business is coming to Beaufort County, and officials say they are already looking for employees.

Pamlico Yachtworks will soon begin building boats in their new facility in Washington, and they will hire 207 people over the next five years.

The division of MJM Yachts manufactures powerboats and will invest $12 million into their new facility. Officials say they will also receive a $1.7 million economic grant over the next 12 years.

Beaufort County Economic Development Director Martyn Johnson says this will be the ninth boatbuilding company in the county. He encourages residents to apply for the incoming jobs.

"Maybe, they can’t get a job now, if they do get some training or some certification in what it is they like to do..." he says, "they’re more eligible for available jobs."

Johnson says the average salary with Pamlico Yachtworks will be $45,000. He says the county will launch a boatbuilding class at Washington High School next year for students looking to jumpstart their training.