Saothair Capital Partners has formed Seolta Holdings to acquire the business and assets of MJM Yachts.
MJM is a designer and builder of high-performance Carolina Downeast-style luxury yachts. Carolina Downeast-style boats are a classic type of recreational boat originating from the New England and Atlantic Canadian regions. These boats – used for sportfishing, cruising, and entertaining – typically feature a single inboard diesel engine, spacious cockpits, and often have an enclosed cabin or pilothouse for comfort in various weather conditions.
MJM was founded in 2002 by Robert Johnstone and is based in Washington, North Carolina. Peter Johnstone, who has led MJM since 2019, will serve as the president and chief executive officer of Seolta.
“In 2021, we started our own manufacturing and developed leading high-tech production processes,” said Mr. Johnstone. “Sales doubled, and demand continues to grow. Our mission is to deliver MJM customers their fondest shared adventures, regardless of conditions.”
Saothair makes control investments in North American-based middle-market manufacturing and industrial businesses facing financial or operational challenges. Sectors of specific interest include paper and packaging, plastics, metals processing, automotive, building products, healthcare-related products, food, and beverage.
Saothair was co-founded in November 2019 by former KPS Capital Partners’ professional Kevin Madden and Richard Lozyniak, a former CEO of three KPS portfolio companies. The firm is headquartered near Philadelphia in Radnor, Pennsylvania.
“We are tremendously excited to be partnering with Peter in this next chapter for the MJM brand,” said Mr. Madden, the co-founder and managing partner of Saothair. “MJM has a rich history and an extraordinary reputation for quality, performance, and design, and we are thrilled to be able to provide the necessary investment to further grow MJM as a leading producer of luxury yachts.”
“Our investment behind Peter and the entire team will provide the company with the capital necessary to grow the business and build the MJM brand aggressively,” said Mr. Lozyniak.
“Market-leading yachts result from terrific people. We thank our dealer network, loyal owners, industry vendors and dedicated workforce. Rich and Kevin will further strengthen the team that is committed to our success. Seolta’s support will fuel MJM’s ascent further. I am thrilled to be able to bring MJM to the next level,” added Mr. Johnstone.
Los Angeles-based SierraConstellation Partners was the financial advisor to MJM Yachts.
© 2023 Private Equity Professional | September 7, 2023
