While Cruise Ships are Hurting, Boating is Healthy and Captains are Beaming
Thomas J. Madden, Chairman and CEO, Transmedia Group
Yes, it’s vividly true and I can see it from my balcony in Boca Raton what a pioneer in the maritime industry told me.
Lloyd R “Skip” Sorenson said the boating industry hasn’t been nearly as affected by the COVID-19 crisis as other industries. Looking at the swarm of boats in the nearby Intracoastal Waterway, I’d say he was right on the mark.
Skip knows what he’s talking about. He is CEO of Century Boats and managing partner of Sorfam Capital, a private equity firm specializing in the maritime industry. He points out that social distancing is much more inherent, acceptable and natural in boating, just as it is in the RV world where smaller groups of people travel together.
A leader in the maritime industry, Skip said COVID-19 has not only had less of an impact on boating, but he’s seeing a significant upturn in those seeking growth capital for maritime acquisitions as more and more groups are wanting to take over their companies, so a boom may be in the offing.
He is uniquely suited to the task given he is a fourth-generation shipbuilder and a well-known consultant and investment banker for the industry through another of his firms, Anchors Aweigh Capital.
Century Boats recently acquired Vanquish Boats, the Doug Zurn designed craft built with premium center console, dual console, cuddy, and runabout dayboats renowned for their beauty, classic American styling, and exceptional performance.
Proudly a part of the American boating experience since the 1930s, this merger is an example of Century Boats’ continuing commitment to providing the best designs, highest quality, and essential features in an expanding model line for today’s boating lifestyles.
The existing Vanquish models will soon be reintroduced as Century Coronado, which signals a return to the company’s roots in Florida. Both Century Boats and Vanquish were represented by Skip’s Anchors Aweigh Capital (AAC).