San Diego shipyard announces new ownership

Marine Group Boat Works (MGBW), the San Diego-based boatbuilding and repair company, has been acquired by its co-founder and president Todd Roberts, alongside longtime MGBW customer and investor Chip Besse and investor Skye Callantine.

The acquisition includes the San Diego shipyard, Los Cabos boatyard and global services superyacht agency.

Roberts takes on the role of chief executive officer, while Besse will serve as chairman of the board. Callantine is principal of investment company Vigeo Investments.

The acquisition includes MGBW’s two waterside premises: its primary shipyard in Chula Vista, California, and a boatyard in San Jose del Cabo, Mexico. The sale also includes Marine Group Global Services, a consulting and marine services division that manages the Fifth Avenue Landing superyacht marina in downtown San Diego.

With roots dating back to the 1970s, the company started off as a small Chula Vista boatyard operation and was successfully relaunched 25 years ago as MGBW, a new state-of-the-art superyacht facility founded by Roberts and members of the Engel family. The company had been approached by several other potential buyers over the years, but they were never felt to be the right fit. According to a statement from MGBW, Roberts and the Engels were ‘committed to maintaining the integrity of the brand and protecting the legacy built over the last half-century. For them to consider a sale, they wanted MGBW to be allowed to grow and reach its potential, and not just be swallowed up by a larger firm that didn’t share their vision or commitment to the environment and their people.’

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Discussing the acquisition, Roberts says: “Chip and Skye are young, visionary and willing to take risks when they see opportunity. But they are also extremely selective. They only partner with companies with very healthy financials, a strong company structure and even stronger management team. My team and I have a bold vision for expanding the MGBW brand and pursuing new market segments, and our new partners share our vision. This investment represents an incredible opportunity for us to make our vision a reality. With the resources that they bring to the table, the sky is really the limit for us now.”

Roberts says near-term changes will include facility upgrades at the Chula Vista yard, expanded Navy repair capacity, and growth of the company’s construction division. The company also plans to increase engagement with the superyacht industry and support domestic boatbuilding.

Terms of the deal were not disclosed.

An MCBW statement noted all 250 employees across both sites will remain with the company, along with the existing management team. As part of its strategic growth plans, the company anticipates hiring additional personnel.

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