Private Equity Firm Buys Century Boats

Private-equity firm Sorfam Capital has purchased Century Boats’ parent company, All Craft Marine. The transaction took place in mid-March. Details have not been disclosed and Century will continue operations at its headquarters in Zephyrhills, Fla., just north of Tampa.  

New Leader

According to International Boating Industry news, the president and CEO of Century will be Lloyd R. “Skip” Sorenson, who is also Sorfam Capital’s managing partner. In addition to the marine industry, the company has holdings in aerospace and defense, industrial manufacturing, technology and service businesses.

“I’m thrilled to be part of such an esteemed company with such an impressive heritage as Century boats,” Sorenson said in a statement. “With an infusion of capital, our existing dealers’ sales efforts and a new leadership team, we intend to grow the business by implementing market-moving marketing initiatives, introducing new and refreshed products, expanding our dealership network to new regions, and providing best-in-class customer service.”

A Long History

Founded in 1926, Century has produced more than 10,000 boats. Bryan Lucius, former president of Century Boats, has been named senior vice president of sales and dealer relationships. He will work with Sorenson on strategies and sales initiatives. His family remains part of the ownership group.

Sorfam Capital and All Craft Marine were both represented in the transaction by Anchors Aweigh Capital, a boutique investment banking and investment firm that focuses on the marine industry. 

“We really felt the combination of Sorfam’s expertise in the marine industry coupled with Century’s brand was a potent, winning combination, just what was needed to inject new momentum into the business and dealer network,” said Mike Moran, managing director of Anchors Aweigh Capital.