Private equity firm Saothair Capital has acquired MJM Yachts and formed a new affiliate, Seolta Holding, which will acquire the business and assets of MJM Yachts.
During the COVID pandemic, despite having just relocated its operations to North Carolina and covid-related supply shortages, MJM Yachts had major successes.
“MJM is taking the step from being a mom and pop company to a much larger player in the market,” said MJM CEO and President Peter Johnstone. “We’ve doubled sales in the last two years and we’ve had a real good growth spurt in terms of our output.”
Seolta Holdings plans to increase output and sales even further. Johnstone, the current President of MJM Yachts will become the CEO and President of Seolta.
“We are committed to providing the necessary investment to further grow MJM’s prominence in the industry,” Kevin Madden, Co-Founder of Saothair, stated in a press release.
MJM Yachts was founded by Bob and Mary Johnstone in 1977. In fact, MJM stands for “Mary Johnstone’s Motorboat.” MJM builds and designs a range of outboard and inboard luxury performance yachts in a Carolina Downeast style. Their most recent design, the MJM 4, expands the abilities of a modern bowrider.
