Wisconsin-based CenterPointe Yacht Services, LLC has entered into an asset purchase agreement to acquire Great Lakes Yacht Services, Inc. of Sturgeon Bay.
CenterPointe General Manager Craig Duchow says the acquisition will allow them to greatly expand their service and storage operation.
The Great Lakes Yacht Services business, formerly the Palmer Johnson yard, has been held by the same family for the past 52 years.
Sheila Turner says the decision for her and Scotty to sell the business wasn't an easy one, but it was made easier because of the confidence they have in CenterPointe to build on what they created.
"The thoughts and factors that went into making our decision hinged on the length of time that both of us have spent in this business and our desire to retire and to be able to call our time our own," says Turner.
CenterPointe's Sturgeon Bay marina is a stone's throw from Great Lakes Yacht Services -- both flank Oregon Street on the city's east waterfront.
In addition to the marina in Sturgeon Bay, CenterPointe also operates a marina in Kenosha and a marina and storage/service facility in Milwaukee.
Terms of the deal were not announced. The transaction is expected to close later this summer.