Portland Yacht Services Will Purchase Gowen Marine

A well-known fixture on the Portland, ME, USA waterfront will soon be acquired by Phineas Sprague, Jr., the former owner of the Portland Marine Company Complex who is in the process of developing New Yard, a state-of-the-art boat yard facility on Commercial Street near the Casco Bay Bridge.

Sprague said customers of both Gowen Marine and Portland Yacht Services should experience virtually no change in the operation of either facility.

Sprague commented, "This is something we have been considering for a very long time. It will give us the flexibility to move forward with our long-term plan and allow us to immediately begin servicing larger vessels that could not be serviced at our former location.”

Gowen Marine has been an important part of Portland's working waterfront for more than 50 years. The company was founded in 1955 by Harold Gowen and was purchased in 1968 by Joseph Schmader, who grew the business into a two-acre complex at 400 Commercial Street that supports both commercial and recreational marine vessels.

Schmader will continue to own and operate Gowen Power Systems, Inc., a separate company also located at 400 Commercial Street.

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