Walstrom Marine receives investment
Continuum Ventures and Colony Marine are investing in Walstrom Marine, as part of the company’s long-term succession plan.
Continuum Ventures will assume a majority ownership stake in Walstrom Marine. Colony Marine, owned and operated by the Pete Beauregard family and the James Mestdagh family, will assume a minority ownership stake. The Ward Walstrom family will remain actively involved as a minority owner and Tom Ervin will remain in his role as President.
“We are proud to celebrate our 75th anniversary this year and in forging these partnerships we are
setting up the business for long-term success over the next 75-years,” says Ward Walstrom. “This will usher in a new era of boating that gives us greater potential for growth and the opportunity to better meet the needs of an ever-changing market.”
The company says the new partnership brings together passion for the industry, aligned values, and nearly 200 years combined experience managing family-owned businesses.
Walstrom Marine was founded in 1946 and is now a second-generation family-run company offering a full-service boating experience in Northern Michigan with locations in Harbor Springs, Traverse City, Bay Harbor, Charlevoix, and Cheboygan. Walstrom has more than 70 employees who represent Tiara Yachts, Pursuit Boats, Chris Craft, Sea Ray & Lund, Crest, and NauticStar.
“Boating, Northern Michigan, and the Great Lakes are near and dear to our family and our hearts,” says Doug DeVos, founder of Continuum Ventures. “We are honored to now be part of the Walstrom family and look forward to working with Colony Marine and the Walstrom team to be good stewards of this amazing business and company. We are passionate about and interested in growing our presence in the Marine industry and are excited for this great partnership.”