Business Type: Boat Builder
UK & International Business Sales and M&A News
Yacht manufacturer Catalina Yachts and sister company True North Yachts have been acquired by Michael Reardon, founder and CEO of Daedalus Yachts, marking a union of two well-respected US brands.
Catalina Yachts was founded by Frank Butler in 1970 in California, with the first model being the Catalina 22, quickly followed by the Catalina 27.
In May 1984 Catalina acquired Morgan Yachts in Largo, Florida, which became the Morgan Division of Catalina, specialising in cruising and charter boats and building many Catalina models on the East Coast.
Today the award-winning company manufactures three series of yachts – sports, cruiser and ocean – and publishes its ‘Mainsheet’ magazine.
True North Yachts, based in Largo, Florida, specialises in Downeast yachts, with models including TN34OE and TN39OE. It was acquired by Catalina in 2019 to expand Catalina’s reach into the powerboat market.
Patrick Turner, Catalina’s President, said:
“For over 50 years, Catalina has stood for accessible, well-built boats that deliver real sailing pleasure. Michael Reardon shares those values, and we’re confident he’ll carry them forward while positioning the brand for the future.”
Patrick Turner – President of Catalina
Daedalus Yachts was launched by Reardon and specialises in sustainable, performance-driven sailing craft, with models such as the Daedalus D165 and the Daedalus D75. The Daedalus D100, focusing on sustainability and the latest technology, is currently in production.
Reardon commented:
“We’re not just preserving the legacy – we’re building upon it.
“Catalina and True North are iconic American brands. I’m honored to lead them into the next era of growth and innovation.”
Michael Reardon – Founder and CEO of Daedalus Yachts
Both companies will continue operations from their current base in Largo, Florida, and Reardon has pledged to retain the existing workforce and dealer network, while investing in new model development across both lines.
Jean Butler, wife of late Catalina founder Frank Butler, sees the future of the united companies as a bright prospect. She concluded:
“Frank would be proud to see Catalina and True North in the hands of someone who values the people, the product, and the passion that built this company.”
Jean Butler – wife of late Catalina founder Frank Butler
Comments
No comment yet.