Fort Lauderdale Yacht Harbor, LLC Acquires Bradford Marine, Brokered by Stiles Marina Investments Group
Posted on 1/2/2019Bradford Marine, a prominent megayacht repair facility, marina, and yacht brokerage with locations in Fort Lauderdale, Florida and Freeport, Grand Bahama, announced that it has agreed to terms to be acquired by Fort Lauderdale Yacht Harbor, LLC ("FLYH") for an undisclosed price. The acquisition of all assets of the Fort Lauderdale property closed on January 1, 2019, while the acquisition of Bradford Marine Bahamas is pending customary governmental approval from The Bahamas. Both properties will continue operations as normal and will retain the "Bradford Marine" and "Bradford Marine Bahamas" names under FLYH ownership. Julie Fisher Berry, Principal of Marina Investments Group, Stiles Realty, brokered the transaction.
"We are excited to have the opportunity to own and operate Bradford Marine. As one of the foremost megayacht repair facilities/marinas in South Florida and The Bahamas, Bradford Marine has a tremendous history built by its world-class team of employees," said John Kelly, Chief Executive Officer of FLYH. "Paul Engle will continue as President of Bradford Marine and manage the daily operations, and Tom Thomas will remain in his role as Chief Financial Officer. Both Paul and Tom are well-respected in the marine industry and are great assets for both of the Bradford Marine facilities."
"Just as the yachting industry has evolved, so too will Bradford Marine continue to cater to the needs of the next generation of yacht owners, captains, and crew," said Michael Kelly, Chief Operating Officer of FLYH. "We look forward to being an integral part of the Fort Lauderdale community to maintain and grow Broward County's $8.8 billion economic impact from the marine industry."
Paul Engle, President of Bradford Marine, commented, "I am very pleased with the new ownership. John and Michael are highly knowledgeable and informed as to the needs of yacht owners, captains, and crew given their long-time passion for yachting. They have plans for substantial enhancements that will be greatly welcomed by our customers. Continuing as a family-owned and operated business makes FLYH the perfect fit to acquire Bradford Marine, and to position us as the premier yacht facilities in South Florida and The Bahamas."
Julie Fisher Berry, Principal of Marina Investments Group, Stiles Realty, noted, "Having worked closely with John and Michael Kelly, their keen vision for the future of Bradford Marine reflects their depth of knowledge. They understand the trends in the marine industry and what is needed to service megayacht owners, captains, and crew as the industry evolves to the next generation of yachting. They will be a great asset to Fort Lauderdale and the marine industry as a whole."
Financing for the transaction was provided by BankUnited.