Fort Lauderdale Yacht Harbor, LLC, owners of Bradford Marine, and Pipewelders, Inc. owners of Billfish Marina, has announced that they have entered into a definitive agreement under which Billfish Marina and its affiliated companies will be acquired by Bradford Marine, for an undisclosed all-cash consideration.
Billfish Marina, a prominent yacht repair facility and marina in Fort Lauderdale, Florida, has announced that it has agreed to terms to be acquired by Fort Lauderdale Yacht Harbor, LLC (FLYH) for an undisclosed price. The acquisition of Billfish Marina, and all affiliated entities (Pipewelders Marine, P&R Canvas, and High Seas Technology) is anticipated to close in April 2020, subject to customary closing conditions. Both properties will continue operations as normal and will retain the ‘Bradford Marine’, ‘Billfish Marina’ and affiliate names under FLYH ownership.
Julie Fisher Berr, principal of Marina Investments Group, Stiles Realty, brokered the transaction.
John Kelly, CEO of FLYH, commented, “We are very excited to have the opportunity to acquire Billfish Marina, Pipewelders Marine, P&R Canvas and High Seas Technology. Adding Billfish Marina and its affiliates, with their world-class employees, significantly expands our geographic footprint and the services we can provide to our customers in South Florida.
“Bradford Marine and Billfish Marina both have customer service focused operating philosophies, and complementary strengths, and we are excited to deploy best practices across the two companies to bring exceptional solutions and services to our combined customer base.”
Michael Kelly, chief operating officer of FLYH, said, “One year ago, with the acquisition of Bradford Marine, we looked forward to being an integral part of the Fort Lauderdale marine community to help grow Broward County’s $8.9 billion economic impact that comes from the marine industry.
“Entering into a purchase contract for the purchase of Billfish Marina and its affiliated companies reinforces our commitment to those stated goals.”
Trey Irvine, president of Billfish Marina/Pipewelders Inc., added, “I’m excited for our customers, and talented employees. Being acquired by Fort Lauderdale Yacht Harbor, LLC, right across the canal from their portfolio company, Bradford Marine, will deliver an unparalleled customer experience and create growth opportunities for our talented team at Billfish Marina, Pipewelders Marine, P&R Canvas and High Seas Technology. Continuing family ownership was very important to me because I can see that John and Michael Kelly are committed to the same high standards my father and I had building Billfish Marina and our other companies to what they are today.”
Irvine will continue as an advisor to the Kellys after the transaction closes.