Published in Economic Development
Continuum Ventures-backed Walstrom Marine acquired Algonac Harbour Club, shown here, based in southeast Michigan. (Courtesy photo) Continuum Ventures-backed Walstrom Marine acquired Algonac Harbour Club, shown here, based in southeast Michigan. (Courtesy photo)

DeVos-backed Walstrom Marine expands to SE Michigan via new acquisition

BY Thursday, July 21, 2022 05:30pm

Walstrom Marine Inc., a Harbor Springs-based yacht sales and service company and marina operator acquired last year by Continuum Ventures LLC, has expanded into southeast Michigan with its first add-on acquisition. 

In the deal announced today, Walstrom Marine will take over operations of Algonac Harbour Club LLC, a full-service deep-water marina located in Algonac on the St. Clair River. AHC founder Peter Beauregard, Sr. will consult with Walstrom during a transition period, with Pete Beauregard, Jr. retaining an ownership stake in the company.

The add-on acquisition fits with Continuum Ventures’ goal to “build the leading premium boat dealer and marina operator in the Great Lakes region, starting with Michigan,” according to a statement. 

The AHC deal is Walstrom Marine’s first since it was acquired in June 2021 by an investment group led by Continuum Ventures, the family office for Doug and Maria DeVos. 

“We are honored that the Algonac Harbour Club and the Beauregard family found value in the relationship with our family and Walstrom Marine,” Doug DeVos, who also serves as co-chair of Ada-based Amway Corp., said in a statement. “Our families share a love and passion for the Great Lakes, boating, and the marine industry, and we see the Algonac Harbour Club as a strategic complement to the Walstrom business alongside our pursuit of growth through partnership and acquisition in the industry.”

Pete Beauregard and his family also participated with Continuum Ventures in the investment group that acquired Walstrom Marine last year, according to a statement. 

Algonac Harbour Club will continue to operate under its existing brand. Walstrom Marine President Tom Ervin will take over leadership of Algonac Harbour Club, whose current general manager, Greg Macuga, will run daily operations.

“Our succession plan was focused on finding a partner who would continue our legacy and carry out our values,” Beauregard, Sr., who founded Algonac Harbour Club in 1985 at the home of the original Chris Craft boat factory, said in a statement. “We couldn’t be more thrilled to have Walstrom Marine and its ownership group carry on our family business, serve our customers, and care for our employees.”

Terms of the deal were not disclosed. 

Walstrom Marine has locations in Harbor Springs, Traverse City, Bay Harbor, Charlevoix and Cheboygan and employs more than 70 people. The company sells the Tiara Yachts, Pursuit Boats, Chris Craft, Sea Ray, Lund, Crest and NauticStar brands. 

At the time of the initial investment in Walstrom, Continuum Ventures CEO Mike Cazer told MiBiz the firm planned to target the marine industry as part of its investment focus. 

“The marine space is in our sweet spot,” Cazer said in a prior report. “There are a couple of things we want to invest in, and Michigan and marine are two topics at the top of our list.”

Read 4218 times Last modified on Thursday, 21 July 2022 18:37