Private equity firm buys MJM Yachts
Published on September 12th, 2023
Saothair Capital Partners, LLC (Saothair), a private equity firm specializing exclusively in middle-market manufacturing and industrial companies, has acquired the MJM Yachts business and assets of MJM Yachts (MJM) through its newly formed affiliate, Seolta Holdings, LLC (Seolta).
MJM Yachts was founded in 2002 by Bob Johnstone, who, in 1977 co-founded J/ Boats, Inc., the world’s leading brand of performance sailboats. In 2019, Johnstone sold MJM to his son Peter.
In 2021, MJM started production in its new MJM Yachts factory in North Carolina. MJM’s market-leading high-tech, post-cured, epoxy infusion process has led to lighter, stronger, more durable composites, which further improved the impressive performance and fuel economy.
While enduring pandemic, supply chain, and factory start-up challenges, MJM managed to double output. The formation of Seolta Holdings will lead to further increases in output and sales growth to meet MJM’s increasing demand. The past year has created a battled-tested MJM factory team ready to take MJM to the next level.
“We are thrilled to embark on this new chapter for the MJM brand,” said Kevin Madden, Co-founder, and Managing Partner of Saothair. “With its rich history, outstanding reputation for quality, performance, and design, MJM has established itself as a leading producer of luxury yachts. We are committed to providing the necessary investment to further grow MJM’s prominence in the industry.”
Richard Lozyniak, Co-founder, and Operating Partner of Saothair, added, “Our investment, together with Peter and the entire team, will provide the company with the capital required to expand the business and solidify the MJM brand aggressively.”
Rich and Kevin bring invaluable expertise to the MJM Team and its next chapter as Seolta Holdings. They have appointed Peter Johnstone as President and Chief Executive Officer of Seolta.